Gold price rebounds in Mumbai to two-week high on strong seasonal demand

By: |
Mumbai | Published: November 18, 2014 8:39 PM

Gold prices rebounded smartly to hit a two-week high at domestic bullion market today...

Spot gold was trading sharply higher at USD 1,200.05 an ounce in early European trade. (AP)Spot gold was trading sharply higher at USD 1,200.05 an ounce in early European trade. (AP)

Gold prices rebounded smartly to hit a two-week high at domestic bullion market today due to brisk buying by jewellery stockists and retailers following pick-up in seasonal demand.

Silver continued its firming trend for the third-straight session owing to strong industrial offtake.

Standard gold (99.5 purity) spiked by Rs 165 to finish at Rs 26,540 per 10 grams from its overnight closing level of Rs 26,375.

Pure gold (99.9 purity) also rose by a similar margin to end at Rs 26,690 per 10 grams against Rs 26,525 previously.

Silver (.999 fineness) moved up by Rs 65 to conclude at Rs 37,070 per kg compared to Monday’s close of Rs 37,005.

On the global front, the yellow metal climbed above the psychologically significant USD 1,200 an ounce mark as an improving technical outlook lured investors back to the market amid hectic short-covering.

Spot gold was trading sharply higher at USD 1,200.05 an ounce in early European trade.

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