Gold, silver rebound on global rally

Mumbai, Oct 8: Gold prices recovered smartly at the domestic bullion market here on Friday on fresh bout of low level buying from investors and jewellers driven by strong global momentum. Silver too witnessed a spectacular rally on the back of aggressive demand from stockists amid firm industrial support.

Standard gold (99.5 purity) surged by Rs 505 per 10 grams to close at Rs 26,420 from Wednesday's closing level of Rs 25,915. Pure gold (99.9 purity) spurted by Rs 495 per 10 grams to conclude at Rs 26,545 from Rs 26,050.

Silver ready (.999 fineness) jumped by a massive Rs 3,895 per kg to finish at Rs 54,040 over its previous closing level of Rs 50,145. On the global front, gold continued its rally on optimism that fresh coordinated efforts by European officials will prevent Greece from defaulting on its debts, and also on positive job data from US. In London, spot gold was quoted at USD 1,659.10 an ounce in early trade.

PTI