Gold rebounds on fresh demand, silver gains

Gold rebounds on fresh demand, silver gains
Representational Photo

Mumbai: Gold rebounded by Rs 85 to end at Rs 29,425 per 10 grams at the bullion market here today following fresh demand from stockists and retailers.

Silver also rose by Rs 25 to Rs 38,725 per kg on sustained offtake from industrial units.

Standard gold (99.5 per cent purity) rose by Rs 85 to finish at Rs 29,425 per 10 grams from Thursday’s closing level of Rs 29,340.

Pure gold (99.9 per cent purity) also moved up by the same amount to end at Rs 29,575 per 10 grams compared to Rs 29,490 earlier.

Silver (.999 fineness) climbed up by Rs 25 to conclude at Rs 38,725 per kg as against Rs 38,700 yesterday.

Overseas, gold eased from yesterday’s 3-1/2 month peak as the dollar edged higher ahead of key US non-farm payrolls data that will be closely watched for clues on the outlook for Federal Reserve policy.

Spot gold was down at USD 1,317.41 an ounce in early European trade, off Thursday’s high of USD 1,325.86. US gold futures for February delivery were down at USD 1,318.60.

Spot silver was down at USD 17.16 after touching its highest in more than six weeks at USD 17.27 in the previous session.