Gold prices staged a spectacular comeback, surging by Rs 250 to Rs 25,500 – its best single day spike in one-month at the domestic bullion market here today on emergence of heavy buying from jewellery stockists and traders amid firm overseas trend.
Silver also rebounded due to strong industrial demand.
Standard gold (99.5 purity) jumped by Rs 250 to end at Rs 25,500 per 10 grams from overnight closing level of Rs 25,250.
Pure gold (99.9 purity) also rose by a similar margin to conclude at Rs 25,650 per 10 grams compared to Rs 25,400.
Silver (.999 fineness) climbed by Rs 245 per kg to finish at Rs 34,995 from Rs 34,750 earlier.
Globally, the shiny-metal continued to climb from the recent five-year low boosted by hectic short-covering asd well as weakening dollar despite growing likelihood of an early rate hike.
Spot was firmly higher at USD 1,083.50 an ounce in early European trade, while silver quoted a tad up at USD 14.29 an ounce.