Gold rebounds sharply on heavy demand, global support

Gold prices rebounded sharply at the bullion market here today, snapping a three-session downtrend, on the back of heavy demand from stockists as well as seasonal off-take amid renewed investor interest.
Moving closely in tandem with general trend, silver also rose sharply on aggressive speculative buying coupled with good industrial demand.
Standard gold of 99.5 per cent purity shot up by Rs 420 to conclude at Rs 27,325 per 10 gms from Thursday's closing level of Rs 26,905.
Pure gold of 99.9 per cent purity also spurted by a similar margin to close at Rs 27,460 per 10 gm from Rs 27,040.

Silver ready (.999 fineness) soared by Rs 685 to end at Rs 46,225 per kg as against Rs 45,540 yesterday.
Attractive valuation after recent prices correction and aggressive buying from jewellery traders ahead of 'Akshaya Tritiya' festival (May 13) amidst marriage season off-take triggered strong buying, a bullion trader said.
Globally, gold witnessed a dramatic recovery from Wednesday's sell-off following fresh stimulus measures from the European Central Bank amid expectations of more such steps from other major central banks.
Gold for June delivery jumped by USD 21.40 to settle at USD 1,467.60 an ounce on the Comex division of the NYMEX late yesterday. Silver July contract also gained to settle at USD 23.83 an ounce.