Gold bounces back on fresh buying; silver also surges

Written by PTI | Mumbai | Updated: Jul 22 2014, 02:20am hrs
Gold and silverSpot gold was almost flat at USD 1,311.64 an ounce.(Reuters)
Gold prices rose firmly in the bullion market here today on emergence of fresh buying from jewellery traders and retailers as well as increased investment off-take.

Industrial metals, silver also rallied owing to heavy industrial demand.

Standard gold (99.5 purity) firmed up by Rs 155 to end at Rs 28,185 per 10 grams compared with last Saturday's closing level of Rs 28,030.

Pure gold (99.9 purity) also climbed by a similar margin to conclude at Rs 28,335 per 10 grams from Rs 28,180.

Silver (.999 fineness) jumped by Rs 350 to finish at Rs 45,870 per kg against Rs 45,520 last weekend.

On the global front, the shiny metal eased marginally in early European trade, though heightened geopolitical concerns following the volatility in markets underpinned safe haven demand.

Spot gold was almost flat at USD 1,311.64 an ounce.