Gold, silver shoot up on global cues

Gold prices rebounded sharply from their overnight fall at the domestic bullion market here today on hectic low-level buying by investors and speculators, sparked by recovery overseas.

Silver also surged on frantic buying by stockists amidst bullish industrial demand.

In New York, gold regained the $1,800-mark on bargain hunting amidst worries over Europe’s sovereign-debt crisis and ahead of the Fed Reserve meet.

Standard gold (99.5 purity) rallied by '395 per 10g to end at '28,210 from yesterday’s closing level of '27,815.

Pure gold (99.9 purity) also spurted by a similar margin of '395 per 10g to close at '28,345 from '27,950.

 

Silver ready (.999 fineness) jumped by a hefty '1,420 per kg to conclude at '64,790 as compared to '63,370 yesterday. In New York, gold for December delivery rose $30.2 to $1,809.1 an ounce on the Comex division of the NYMEX yesterday.

December silver contracts gained 97 cents to $40.14 an ounce.