BackGold prices rebound on buying frenzy, silver zooms
Gold prices staged an impressive rebound after 2-day sell-off in Mumbai bullion market on the back of heavy demand from jewellers amid bullish overseas undertone
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Mumbai: Gold staged an impressive rebound after a two-day sell-off at the domestic bullion hub in Mumbai on the back of heavy demand from jewellery traders and investment buying amid bullish overseas undertone. This is the near one-week closing high for the shiny metal.
Strong global sentiment driven by weak dollar value along with attractive low level buying interest mainly helped gold prices to recover, a bullion trader said.
Moving with the general trend, the industrial metal also bounced back sharply to reclaim the significant Rs39,000 per kg mark on strong industrial demand.
Standard gold (99.5 purity) jumped by a whopping Rs305 to finish at Rs28,960 per 10 grams from Wednesday’s close of Rs28,655. Pure gold (99.9 purity) also shot up by a similar margin of Rs305 to end at Rs29,110 per 10 grams as compared to Rs28,805 earlier.
Silver (.999 fineness) surged by a hefty Rs745 to settle at Rs39,000 per kilo against Rs38,255 previously.
On the global front, gold charged higher bolstered by safe haven demand and also fading rate hike fears after dollar retreated sharply following the release of the FOMC meeting minutes which showed that Fed officials were divided on the course of interest rates,
December gold traded firmly higher at $1,284.70 an ounce in early Asian trade, while September silver was little soft at $17.060 an ounce.
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