Gold, silver prices spurt on firm demand, weak rupee

Both gold and silver rebounded at the domestic bullion market today amid weak rupee and emergence of fresh demand from stockists as well as investment buying.

Silver also recovered smartly owing to aggressive speculative buying, coupled with strong industrial off-take.

Brisk low-level buying and sliding rupee supported the price trend in the yellow metal. The Indian currency today hit a historic low of 58.16 against the greenback.

Standard gold of 99.5% purity shot up by Rs 230 to finish at Rs 27,760 per 10 gm from last Saturday's closing level of Rs 27,530.

Pure gold of 99.9% purity rose by Rs 215 to end at Rs 27,890 per 10 gm from Rs 27,675.

Silver ready (.999 fineness) jumped by Rs 490 to close at Rs 44,690 per kg from previous closing level of Rs 44,200.

On the global front, gold eased in early trade, extending losses after posting its biggest one-day drop in a month on Friday due to stronger-than-forecast US payrolls data.

Spot gold was down at $1,379.61 an ounce in early European trade while silver was down at $21.57 an ounce.