Gold, silver rebound on good demand

MUMBAI: Gold rebounded after snapping one- week declining trend following fresh off-take from stockists and traders, coupled with good local buying interest on the back of seasonal demand.

Silver also surged owing to heavy speculative as well as industrial buying.

Standard gold (99.5 purity) climbed by Rs 315 to finish at Rs 30,740 per 10 grams from Monday's closing level of Rs 30,425.

Pure gold (99.9 purity) also looked-up by a similar margin to conclude at Rs 30,890 per 10 grams from Rs 30,575.

Silver ready (.999 fineness) jumped by Rs 770 to end at Rs 46,375 per kg as compared to Rs 45,605.

Globally, gold was trading steady near a one-week high as the dollar softened, but remained vulnerable to further losses on uncertainty over the US stimulus outlook and lacklustre physical demand.

Spot gold was unchanged at $1,251.70 an ounce in early trade and silver was down $20.12 an ounce.