Gold, silver prices rebound on seasonal demand, global buoyancy

PTI Posted online: Saturday, May 03, 2014 at 0000 hrs
Mumbai : Gold rebounded smartly after three sessions of fall at the domestic bullion market here today on fresh bout of stockists buying as well as strong seasonal demand against the backdrop of bullish global sentiment.

Silver also recovered sharply to revisit the Rs 43,000 per kg mark on the back of heavy speculative offtake coupled with higher industrial demand.

Standard gold (99.5 purity) spiked by Rs 160 to conclude at Rs 29,960 per 10 grams from overnight closing level of Rs 29,800.

Pure gold (99.9 purity) rose by Rs 155 to finish at Rs 30,105 per 10 grams as compared to Rs 29,950 previously.

Silver (.999 fineness) shot-up by Rs 820 to end at Rs 43,440 per kg from Rs 42,620 yesterday.

Globally, the shiny metal surged to reclaim the USD 1,300 an ounce mark, bolstered by safe-haven demand following escalating geopolitical tensions and heavy short-covering despite encouraging US macro data.

Gold for June delivery jumped USD 19.50 to settle at USD 1,302.90 an ounce on the Comex division of the NYMEX late yesterday, while silver gained 50 cents to USD 19.55 an ounce.