Gold bounces on renewed stockists demand; silver regains

MUMBAI: Precious gold snapped a four-day downtrend and rebounded smartly at the bullion market here today on fresh bouts of buying from jewellery stockists as well as speculative investment off-take supported by buoyant overseas cues.

Silver also regained some lost ground after plunging to one-month low in overnight trade following stray buying interest.

Standard gold (99.5 purity) climbed by Rs 180 to end at Rs 27,900 per 10 grams against Friday's Rs 27,720.

Pure gold (99.9 purity) also rose by a similar margin to conclude at Rs 28,050 per 10 grams from Rs 27,870.

Silver (.999 fineness) edged higher by Rs 60 to finish at Rs 44,815 per kg as compared to Rs 44,755.

Globally, the shiny metal retraced the psychologically significant USD 1,300 an ounce price on bargain hunting despite positive economic data and stronger dollar value.

Gold for August delivery jumped by USD 12.50 to settle at USD 1,303.30 an ounce on the Comex division of the NYMEX late yesterday, while silver September contract closed at USD 20.641 an ounce.