Gold price rebounds on renewed demand,silver also surges

Gold prices recovered smartly at the domestic bullion market today on renewed off-take from stockists and investors as well as pick up in demand from from jewellery traders ahead of festival season.

Written by Agencies | Mumbai | Published: July 31, 2012 7:21:59 pm

Gold prices recovered smartly at the domestic bullion market today on renewed off-take from stockists and investors as well as pick up in demand from from jewellery traders ahead of festival season.

Silver also surged on higher speculative off-take amidst industrial demand.

Standard gold (99.5 purity) rose by Rs 100 to end at Rs 29,980 per 10 grams from Tuesday\’s closing level of Rs 29,880.

Pure gold (99.9 purity) gained Rs 105 to conclude at Rs 30,115 per 10 grams from Rs 30,010 yesterday.

Silver ready (.999 fineness) zoomed by Rs 955 per kg to finish at Rs 54,370 as compared to Rs 53,415 previously.

In Europe,gold moved up in a listless trade amidst steady euro against the dollar on the back of investor cautiousness ahead of this week\’s European Central Bank meeting for further measures to tackle eurozone debt crisis.

Spot gold was bid up at USD 1,623.31 an ounce in early trade and silver was bid higher at USD 28.30 an ounce.

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