Gold rebounds on good seasonal demand, overseas trend

Mumbai: Gold prices rebounded smartly, snapping their three-day downfall at the domestic bullion market here on renewed buying interest from jewellery traders tracking a firm overseas undertone.  Elsewhere, silver also regained some lost ground owing
gold rebounds on good seasonal demand overseas...
PTI January 10, 2015 15:54 IST

Mumbai: Gold prices rebounded smartly, snapping their three-day downfall at the domestic bullion market here on renewed buying interest from jewellery traders tracking a firm overseas undertone.  Elsewhere, silver also regained some lost ground owing to higher industrial offtake.

Standard gold (99.5 purity) surged by Rs 145 to conclude at Rs 26,900 per 10 grams from Friday's closing level of Rs 26,755.

Pure gold (99.9 purity) also rose by a similar margin to settle at Rs 27,050 per 10 grams compared to Rs 26,905.  Silver (.999 fineness) went up by Rs 270 to finish at Rs 37,360 per kg as against Rs 37,090 yesterday.

On the global front, the yellow-metal climbed higher on the back of hectic short-covering as well as funds buying, despite better-than-expected US jobs report and macro data.  Gold February delivery ended at USD 1,216.10 an ounce on the Comex division of the NYMEX late yesterday, while silver March contract moved up to USD 16.42 an ounce.

 

 
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