Gold rebounds on low level buying, silver reclaims Rs 55k mark

Fresh bout of buying from retailers, supportive overseas sentiment pushed precious metals higher on the domestic bourse

Gold prices rebounded modestly at the domestic bullion market today, snapping a three-day losing streak on fresh bout of buying from retailers and jewellery makers amid supportive overseas sentiment.

Silver also rallied and reclaimed the important Rs 55,000 per kg mark on the back of heavy speculative offtake coupled with strong industrial demand.

Standard gold of 99.5% purity climbed by Rs 190 to finish at Rs 30,970 per 10 gm from overnight closing level of Rs 30,780.

Pure gold of 99.9% purity rose by Rs 180 to end at Rs 31,110 per 10 gm from Rs 30,930.

Silver ready (.999 fineness) shot up by Rs 1,485 to conclude at 55,670 per kg from Friday's closing level of Rs 54,185.

Globally, the shiny metal clawed back some losses after the lower-than-expected US jobs data eased concerns over the winding down of the Federal Reserve's bullion-friendly monetary stimulus measures later this month.

Gold for December delivery added $13.50 to settle at $1,386.50 an ounce on the Comex division of the NYMEX late yesterday. Silver for December contract jumped 64 cents to close at $23.89 an ounce.