Gold, silver surges on strong global rebound

Silver prices rallied further at the domestic bullion market here today due to aggressive buying by speculators and traders on the back of strong rebound in global market.

The yellow metal too shot up on sustained demand from stockists as well as firm jewellery offtake.

In global market, gold reclaimed the psychological $1,500 an ounce mark, while silver rallied more than 6% after last week's hefty fall after the dollar weakened against major currencies along with a sharp spike in oil prices.

Silver ready (.999 fineness) spurted by a hefty Rs 2,090 per kg to end at Rs 58,175 from last Saturday's closing level Rs 56,085.

Standard gold (99.5 purity) firmed up by Rs 140 per 10 gram to close at Rs 21,955 from Rs 21,815 previously.

Pure gold (99.9 purity) also rose by a similar margin of Rs 140 per 10 gram to finish at Rs 22,060 over its weekend's closing level of Rs 21,920.

In Europe, spot gold bid at $1,506.30 an ounce in early trade as against $1,494.05 late in New York on Friday.

Silver rallied more than 6% to a high of $37.94 and was later at $37.42 an ounce as compared to $35.60.