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Gold, silver rebound on increased demand, global cues

Press Trust of India  |  Mumbai 

Snapping a six-session fall, gold prices rebounded at the domestic bullion market here today on fresh buying by jewellery stockists and retailers amid firm overseas cues.

Elsewhere, silver also regained its lost ground to close above the key Rs 41,000 mark due to robust industrial demand.

Standard gold (99.5 purity) shot up by Rs 355 to finish at Rs 28,420 per 10 grams from Wednesday's closing level of Rs 28,065.

Pure gold (99.9 purity) also jumped by a similar margin to conclude at Rs 28,570 per 10 grams against Rs 28,215 earlier.

Silver (.999 fineness) spurted by Rs 900 to finish at Rs 41,540 from Rs 30,640 yesterday.

Globally, gold climbed to the strongest level in over a week after the US central signalled only gradual rate tightening, although the defeat of a Dutch far-right candidate dampened safe haven buying.

Spot gold had risen 0.6 per cent to USD 1,225.40 per ounce in early trade after touching USD 1,228.82, the highest since March 6, earlier in the session.

Spot silver climbed 0.8 per cent to USD 17.44 per ounce, after hitting its highest in a week at USD 17.51 earlier in the session.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 16 2017. 18:07 IST