Gold, silver rebound on seasonal demand

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Mumbai | Published: January 28, 2015 8:38:28 PM

Gold prices bounced back after yesterday's fall at the domestic bullion market here today on renewed demand...

Gold, Gold rate, Silver, Silver rateGold prices bounced back after yesterday’s fall at the domestic bullion market here today on renewed demand from jewellery traders and retailers amid good local buying interest to meet seasonal demand, despite bearish global cues. (Reuters)

Gold prices bounced back after yesterday’s fall at the domestic bullion market here today on renewed demand from jewellery traders and retailers amid good local buying interest to meet seasonal demand, despite bearish global cues.

Elsewhere, silver also recouped to retrace Rs 40,000 per kg mark on heavy speculative offtake with firm industrial buying support.

Standard gold (99.5 purity) climbed by Rs 185 to close at Rs 27,970 per 10 grams from Tuesday’s closing level of Rs 27,785.

Pure gold (99.9 purity) also moved up by a similar margin to finish at Rs 28,120 per 10 grams from Rs 27,935.

Silver (.999 fineness) shot-up by Rs 190 to conclude at Rs 40,040 per kg as compared to Rs 39,850 yesterday.

At the global, gold eased in early trade as the dollar steadied on expectations the Federal Reserve is unlikely to deliver significant changes to its policy outlook, though concerns about the global economy might push back the timing of a rate rise.

Spot gold was down at USD 1,290.10 an ounce in early trade. It hit a five-month high of USD 1,306.20 last week, before retreating on a stronger risk appetite after the ECB announced its liquidity measures. Spot silver also moved down to USD 17.96 an ounce.

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