Gold, silver rebound on global cues, jewellers buying

After Monday’s sharp fall, gold prices rebounded by Rs 230 to Rs 28,645 per ten grams at the bullion market today, tracking a rising overseas trend and buying by jewellers at prevailing lower levels.

Gold prices - Brexit move
Gold prices may rally further if Britain leaves the European Union after the June 23 referendum, said analysts.(Photo: Reuters)

After Monday’s sharp fall, gold prices rebounded by Rs 230 to Rs 28,645 per ten grams at the bullion market today, tracking a rising overseas trend and buying by jewellers at prevailing lower levels.

Silver followed suit and recovered by Rs 305 to Rs 37,515 per kg on fresh offtake by industrial units.

Standard gold (99.5 purity) surged by Rs 230 to finish at Rs 28,645 per 10 grams from yesterday’s closing level of Rs 28,415.

Pure gold (99.9 purity) also rose by a similar margin to end at Rs 28,795 per 10 grams as compared to Rs 28,565 earlier.

Silver (.999 fineness) climbed by Rs 305 per kg to finish at Rs 37,515 from Rs 37,210 yesterday.

Globally, gold rose, snapping two days of losses and recovering from an early dive below USD 1,200 an ounce as stock markets swung lower, boosting interest in the metal as a haven from risk.

Spot gold was up 0.2 per cent at USD 1,211.68 an ounce in early trade, having earlier fell to as low as USD 1,190.40. It shed 2.3 per cent yesterday, its biggest one-day loss since mid-July.

Among other precious metals, silver was flat at USD 15.34 an ounce.

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