Bullion market insulated from Dubai debt heat, rebounds

Bullion market insulated from Dubai debt heat, rebounds

Mumbai: The bullion market bounced back on Saturday from its overnight sell-off regaining its lost ground on fresh buying by stockists and traders at current attractive levels.

Both the precious metals fell prey to Friday’s financial turbulence which dragged down markets across the globe on concerns over Dubai’s debt payment crisis.

“Today’s meaningful recovery came in the backdrop of government’s assurance that country’s economy is insulated to current crisis," traders said.

“Yesterday’s (Friday’s) fall was a mere correction which was overdue at anytime considering gold’s steep rise and Dubai debt crisis was made a scape-goat," they added.

Standard gold (99.5 purity) recovered smartly by Rs210 per ten grams to close at Rs17,825 from its previous closing level of Rs17,615.

Pure gold (99.9 purity) also shot up by Rs205 per ten grams to end at Rs17,910 as against Rs17,705 previously.

Silver ready (.999 fineness) firmed up by Rs280 per kilo to finish at Rs29,055 from Rs28,775 on Friday.