Gold, silver zoom on global rebound
Gold prices surged to regain the psychological Rs 20,000 per ten grams mark at the bullion market here today on emergence of heavy speculative buying, driven by overnight strong global rebound.
Silver also witnessed a similar rally on hectic demand from stockists and traders.
"The sudden turning the table for the demand in precious metals, as prices rebounded at overseas markets due to panic buying in view of unrest in Egypt which spurred safety buying," traders said.
Standard gold (99.5 per cent purity) shot up by Rs 345 per 10 grams to finish at Rs 20,005 from Friday's closing level of Rs 19,660.
Pure gold (99.9 per cent purity) hardened by Rs 335 per ten grams to end at Rs 20,095 from Rs 19,760 previously.
Silver ready (.999 fineness) spurted by Rs 1,375 per kilo to close at Rs 43,705 as compared to Rs 42,330 yesterday.
In New York, gold for February delivery rose by $22.30 to $1,340.70 an ounce on the COMEX division of the NYMEX.
March silver also soared by 89 cents to $27.92 an ounce.