Gold price stages smart recovery to retrace 26k level

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SummaryGold prices rebounded sharply to regain the key psychological Rs 26,000 per 10 gm.

Gold prices rebounded sharply to regain the key psychological Rs 26,000 per 10 gm mark at the domestic bullion market today on emergence of heavy demand from stockists and traders amid robust seasonal off-take driven by buoyant overseas cues.

Silver prices also shot up to reclaim the important Rs 44,000 per kg level on back of frantic speculative buying.

Standard gold of 99.5 per cent purity jumped by Rs 460 to conclude at Rs 26,360 per 10 gm from Monday's closing level of Rs 25,900.

Pure gold of 99.9 per cent purity rallied by Rs 455 to close at Rs 26,505 from Rs 26,050.

Silver ready (.999 fineness) galloped by Rs 1,145 to finish at Rs 44,115 per kg from overnight closing level of Rs 42,970.

On the global front, snapping its seven-consecutive session slide, the shiny metal recouped some lost ground on fresh bout of short covering and weak dollar valuations.

Gold for June delivery rose USD 19.40 to settle at USD 1,384.10 an ounce on the Comex division of NYMEX late yesterday.

Silver July contract added 23 cents to settle at USD 22.58 an ounce.

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