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Gold rebounds on brisk investment demand

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Mumbai:

Notwithstanding the global sluggishness, gold rebounded at the domestic bullion market in Mumbai on Saturday due to heavy speculative and investment demand amid fresh bout of buying from jewellery makers.

Silver also rallied and reclaimed the key important Rs 42,000 per kg mark on increased stockists as well as industrial off-take.

Standard gold of 99.5 per cent purity spurted by Rs 265 to conclude at Rs 26,755 per 10 grams from Friday's closing level of Rs 26,490.

Pure gold of 99.9 per cent purity rose by Rs 260 to end at Rs 26,890 per 10 gm from Rs 26,630.

Silver ready surged by Rs 320 to finish at Rs 42,120 per kg compared to Rs 41,800 on Friday.

Meanwhile, the shiny metal failed to maintain its strong bullish momentum stemming from US Federal Reserve decision to continue ultra-loose monetary policies, as cautious investors booked profits after recent steep rise.

Gold for August delivery shed $2.30 to settle at $1,277.60 an ounce on the Comex division of the NYMEX late on Friday.

Silver September contract fell 16 cents to end at $19.79 an ounce.

Story first published on: July 13, 2013 16:41 (IST)

Tags: Gold, Gold prices, Gold demand, Silver prices, Spot gold

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