Free Press Journal

Gold, silver bounce on global cues, jewellers buying


Mumbai: Riding on a global trend, gold prices rebounded at the domestic bullion market here today following strong offtake from investors and jewellers. Silver also shot up on increased demand from industrial units.

Standard gold (99.5 purity) surged by Rs 255 to finish at Rs 28,730 per 10 grams from Wednesday’s closing level of Rs 28,475. Pure gold (99.9 purity) also rose by a similar margin to end at Rs 28,880 per 10 grams as compared to Rs 28,625 earlier.

Silver (.999 fineness) climbed by Rs 360 per kg to finish at Rs 36,700 from Rs 36,340 yesterday. Globally, gold rose more than one percent, as the dollar remained under pressure after minutes from the Federal Reserve’s last policy meeting showed caution over future US interest rates increases.

Spot gold benefited from a 17-month low in the dollar versus the Japanese yen. Prices touched a one-week high of USD 1,239.30 an ounce and were up 1.2 percent at USD 1,236.36 in early European trade.

Among other precious metal, silver gained 1.1 percent to USD 15.22.