Gold, silver rebound on global cues

MUMBAI: Gold rebounded at the domestic bullion market here today on hectic investment buying as well as marriage seasonal off-take on the back of a bounce-back in European markets.

Silver also gained modestly following stray industrial demand.

Standard gold (99.5 purity) spurted by Rs 350 per 10 grams to close at Rs 27,565 from Tuesday's closing level of Rs 27,215.

Pure gold (99.9 purity) also rallied by Rs 360 per 10 grams to finish at Rs 27,700 as against Rs 27,340 yesterday.

Silver ready (.999 fineness) moved up by Rs 70 per kg to conclude at Rs 56,055 from Rs 55,985 previously.

In London, gold made a smart recovery on safe-haven demand following deep uncertainty over eurozone crisis amidst downturn in manufacturing data.

Spot gold was bid higher at USD 1,731.50 an ounce in early trade and silver was bid up at USD 33.57 an ounce.