Free Press Journal

Gold, silver bounce back on good offtake, global cues


Mumbai: Gold prices recovered smartly to reclaim the key 25K-per ten grams level at the domestic bullion market here today following good offtake from stockists and investors driven by a higher global cues. Silver also rallied on bullish speculative buying and good industrial demand.

Standard gold (99.5 purity) surged by Rs 265 per 10 grams to end at Rs 25,200 from last Friday’s closing level of Rs 24,935. Pure gold (99.9 purity) also climbed by a similar margin of Rs 265 to finish at Rs 25,350 per 10 grams as compared to Rs 25,085 previously.

Silver (.999 fineness) also jumped by Rs 905 to close at Rs 34,425 per kg as against Rs 33,520. Globally, gold rose in European trade as uncertainty about how fast the Federal Reserve will tighten interest rates next year weighed on the dollar, while stronger European shares and a renewed slump in crude oil prices, which hit levels unseen since 2004, curbed gold’s ascent.

In London, spot gold was quoting up at USD 1,071.31 an ounce in early trade, while silver rose to USD 14.21 an ounce.