Gold prices rebounded to hit a four-month high to retrace Rs 29,250 per 10 grams at the domestic bullion market on heavy demand by stockists and jewellers,spurred by series of approaching festivities and marriage season off-take,also well supported by higher global cues.
Silver also jumped in line with gold owing to heavy speculative buying to revisit Rs 45,000 per kg level amid good industrial demand.
Standard gold of 99.5 per cent purity spurted by Rs 710 to close at Rs 29,250 per 10 gm from last Saturday’s closing level of Rs 28,540.
Pure gold of 99.9 per cent purity also shot-up by Rs 715 to end at Rs 29,400 per 10 gm from Rs 28,685.
Silver ready (.999 fineness) zoomed to Rs 1,825 to finish at Rs 45,115 per kg from 43,290 last weekend.
“Gold surged on pent-up supply position amid forthcoming festivities and fall in rupee,” dealers said.
Overseas,gold rose to its highest in nearly two weeks despite strong dollar amid sluggish growth factor in US economic data as well as world’s biggest gold exchange-traded fund recorded the first inflow in two months.
In London,spot gold bid higher at USD 1,333.31 an ounce in early trade and silver bid up at USD 21.24 an ounce.