Gold prices witnessed a sharp rebound after crashing to multi-year lows overnight at the domestic bullion market today on fresh wave of buying from bargain hunters as well as frantic speculative investment demand.
The yellow-metal has taken a beating spooked by a massive global commodity meltdown following US central bank decision to roll back its quantitative easing measures earlier than expected.
The metal had lost a whopping Rs 2,010 or 7.41 per cent in the last five-straight trading sessions.
Silver also recovered on the back of frantic buying from stockists and speculators.
Standard gold of 99.5 per cent purity spiked by Rs 645 to finish at Rs 25,775 per 10 gm from Friday’s closing level of Rs 25,130.
Pure gold of 99.9 per cent purity also spurted by a similar margin of Rs 645 to conclude at Rs 25,910 per 10 gm from Rs 25,265.
Silver ready (.999 fineness) shot up by a hefty Rs 1,020 to end at Rs 41,210 per kg compared to Rs 40,190 yesterday.
Globally,the shiny metal regained some lost ground on bargain hunting amid short-covering after plunging below the key important USD 1,200 an ounce level.
Gold for August delivery moved up USD 12.10 to settle at USD 1,223.70 an ounce on the Comex division of the NYMEX late yesterday.
Silver September contract rose 92 cents to close at USD 19.47 an ounce.