Gold price rebounds from 11-month low, regains Rs 28,000 per 10 grams

New Delhi: Shaking off the four-day losing grip, gold prices rebounded from an 11-month low by surging Rs 475 to Rs 28,025 per 10 grams Tuesday, leaning on positive global cues amid fresh buying by local jewellers.

Silver, too, retook the Rs 39,000-mark by climbing Rs 550 to Rs 39,150 per kg on increased offtake by industrial units.

At the Multi Commodity Exchange (MCX), gold for delivery in February moved up Rs 62, or 0.23 percent, to Rs 27,099 per 10 grams.

Market analysts said rise in the precious metal at the global market mainly influenced gold prices at futures trade here.

Gold prices rose in Asian trade today on light buying out of China, but trading was thin after the long Christmas weekend, even as a firm dollar capped the gains.

Spot gold was up half a percent at USD 1,139.20 an ounce, after earlier edging down to USD 1,131.35.

US gold futures rose 0.6 percent to USD 1,140.20 per ounce.

In the national capital, gold of 99.9 percent and 99.5 percent purity rebounded Rs 475 each at Rs 28,025 and Rs 27,875 per 10 grams, respectively. The precious metal had lost Rs 400 in the previous four days.

In sync with gold, silver ready traded higher by Rs 550 to Rs 39,150 per kg and weekly-based delivery by Rs 655 to Rs 39,120 per kg.