Bullion market insulated to Dubai debt heat, rebounds

Mumbai, Nov 28 (PTI) The bullion market bounced back today from its overnight sell-off regaining its lost ground on fresh buying by stockists and traders at current attractive levels.

Both the precious metals fell prey to yesterday's financial turbulence which dragged down markets across the globe on concerns over Dubai's debt payment crisis.

"Today's meaningful recovery came in the backdrop of government's assurance that country's economy is insulated to current crisis", traders said.

"Yesterday's fall was a mere correction which was overdue at anytime considering gold's steep rise and Dubai debt crisis was made a scape-goat", they added.

Standard gold (99.5 purity) recovered smartly by Rs 210 per ten grams to close at Rs 17,825 from yesterday's closing level of Rs 17,615.

Pure gold (99.9 purity) also shot up by Rs 205 per ten grams to end at Rs 17,910 as against Rs 17,705 previously.

Silver ready (.999 fineness) firmed up by Rs 280 per kilo to finish at Rs 29,055 from Rs 28,775 yesterday.