Gold dazzles to revisit Rs 28k mark on strong demand outlook

Maintaining its uninterrupted rally momentum, gold prices reclaimed the psychologically significant Rs 28,000-mark for the first time in five-months at the bullion market here.
Strong pick-up in demand from jewellery stockists and retail consumers along with festive and wedding seasonal offtake mainly supported the upsurge, despite the appreciating rupee. Buoyant overseas cues also propped up the domestic sentiment.
Elsewhere, silver also surged ahead on the back of frantic speculative demand and ended above the Rs 40,000-level - its highest level in more than five-months.
Standard gold (99.5 purity) spiked by Rs 220 to finish at Rs 28,160 per 10 grams from Tuesday's closing level of Rs 27,940.

Pure gold (99.9 purity) also rose by a similar margin to settle at Rs 28,310 per 10 grams as against Rs 28,090.
Silver (.999 fineness) zoomed by Rs 630 to conclude at Rs 40,390 per kg against Rs 39,760 yesterday.
In the worldwide trade, the shiny-metal climbed above the USD 1,300 an ounce for the first time since August, driven by safe-haven bids amidst hopes of stimulus measures from the European Central Bank (ECB).
Spot gold was substantially higher at USD 1300.75 an ounce in early European trade, while silver was up at USD 18.23 an ounce.