Gold, silver zoom on global rebound

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Mumbai, Jan 29 (PTI) Gold prices surged to regain thepsychological Rs 20,000 per ten grams mark at the bullionmarket here today on emergence of heavy speculative buying,driven by overnight strong global rebound.

Silver also witnessed a similar rally on hectic demandfrom stockists and traders.

"The sudden turning the table for the demand in preciousmetals, as prices rebounded at overseas markets due to panicbuying in view of unrest in Egypt which spurred safetybuying," traders said.

Standard gold (99.5 per cent purity) shot up by Rs 345per 10 grams to finish at Rs 20,005 from Friday''s closinglevel of Rs 19,660.

Pure gold (99.9 per cent purity) hardened by Rs 335 perten grams to end at Rs 20,095 from Rs 19,760 previously.

Silver ready (.999 fineness) spurted by Rs 1,375 per kiloto close at Rs 43,705 as compared to Rs 42,330 yesterday.

In New York, Gold for February delivery rose by USD 22.30to USD 1,340.70 an ounce on the COMEX division of the NYMEX.

March silver also soared by 89 cents to USD 27.92 anounce.

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