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Gold rebounds on seasonal buying, global support

Mumbai: Gold prices staged a modest rebound from its multi-month low level at the domestic bullion market here following renewed offtake by stockists as well as good festival and wedding-related demand.  In contrast, silver declined

PTI [ Updated: February 21, 2015 16:30 IST ]
gold rebounds on seasonal buying global support
gold rebounds on seasonal buying global support

Mumbai: Gold prices staged a modest rebound from its multi-month low level at the domestic bullion market here following renewed offtake by stockists as well as good festival and wedding-related demand.  In contrast, silver declined owing to lack of demand from industrial users.

Standard gold (99.5 purity) rose by Rs 90 to conclude at Rs 26,715 per 10 grams compared to Friday's level of Rs 26,625.

Pure gold (99.9 purity) also went up by a similar margin to end at Rs 26,865 per 10 grams from Rs 26,775.  However, price of silver (.999 fineness) dropped by Rs 125 to finish at Rs 37,560 per kg as against Rs 37,685 yesterday.

On the global front, the yellow-metal extended gains on safe-haven bet and geopolitical concerns amid uncertainty over Greece's debt standoff.

Gold April delivery climbed USD 5.10 to settle at USD 1,212.70 an ounce on the Comex division of the NYMEX late yesterday, while silver March contract advanced to USD 16.44 an ounce.

 

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