Gold, silver prices rebound after plunging to multi-month lows

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SummaryGold and silver prices regained some lost ground at the domestic bullion market today, a day after plunging to multi-month lows on heavy global sell-off.

Gold and silver prices regained some lost ground at the domestic bullion market today, a day after plunging to multi-month lows on heavy global sell-off.

The yellow metal bounced back following fresh low level buying from retail consumers and jewellery traders.

Silver rebounded owing to strong speculative demand supported by higher industrial off-take.

Standard gold of 99.5 per cent purity spurted by Rs 100 to finish at Rs 29,320 per 10 gm from Thursday' closing level of Rs 29,220.

Pure gold of 99.9 per cent purity rose by Rs 95 to conclude at Rs 29,450 per 10 gm from Rs 29,355 yesterday.

Silver ready (.999 fineness) jumped by Rs 475 to conclude at Rs 55,210 per kg as compared to Rs 54,735 yesterday.

Despite the recent sharp fall in gold prices, the recovery has not been significant as investors are cautious and expecting further import duty hike and some policy measures to curb ballooning current account deficit, traders said.

The shiny metal, which hit a historic high of Rs 32,500 per 10 grams on November 26 last year, has lost more than 10 per cent in the recent sell-off.

Globally, gold rose moderately after overnight carnage following a string of disappointing economic reports from the US and the eurozone easing some near term worries over possible scaling back of the Federal Reserve's quantitative easing measures.

Spot gold was bid up at USD 1,581.26 an ounce in early trade.

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