Gold price rebounds on good retail buying,silver surges

Gold prices rose at the domestic bullion market today due to renewed interest from retailers and jewellery traders amid firm overseas trend.

Written by Agencies | Mumbai | Published:August 9, 2012 7:51 pm

Gold prices rose at the domestic bullion market today due to renewed interest from retailers and jewellery traders amid firm overseas trend.

Silver continued to surge on heavy speculative off-take coupled with strong industrial demand.

Standard gold (99.5 purity) spurted by Rs 105 to finish at Rs 29,765 per 10 grams from overnight closing level of Rs 29,660.

Pure gold (99.9 purity) went up by Rs 110 to end at Rs 29,900 per 10 grams from Rs 29,790 yesterday.

Silver ready (.999 fineness) strengthened by Rs 285 per kg to settle at Rs 54,035 over its Wednesday’s close of Rs 53,750.

On the global front,gold advanced on positive US economic data amid stimulus hopes.

Gold for December delivery gained USD 3.20 to settle at USD 1,616 an ounce on the Comex division of the NYMEX late yesterday,while silver for September contract eased to USD 28.08 an ounce.

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