Free Press Journal

Gold rebounds on increased demand, global cues



Mumbai: Gold witnessed a modest rebound after overnight losses at the domestic bullion market here today due to renewed buying interest from jewellers and retailers amid firming overseas trend. Elsewhere, silver also recovered smartly on the back of heavy speculative offtake.

Standard gold (99.5 purity) rose by Rs 105 to settle at Rs 25,455 per 10 grams from yesterday’s closing level of Rs 25,350. Pure gold (99.9 purity) also added by a similar margin to end at Rs 25,605 per 10 grams as compared to Rs 25,500. Silver (.999 fineness) regained by Rs 15 per kg to finish at Rs 34,730 from Rs 34,715 earlier.

Globally, gold steadied on early trade, supported by softness in the dollar and European shares, but investors remained cautious ahead of an anticipated Federal Reserve rate rise next week.

Spot gold rose 0.3 percent to USD 1,077.91 an ounce in early trade, the metal is about USD 30 higher than a near-six-year low reached last week. While, silver rose 1.1 percent to USD 14.31 an ounce, after reaching its lowest point since August 2009 at USD 13.79.