Gold rebounds on good demand; silver moves up

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Mumbai, 26 Jul (PTI): Gold prices rebounded at the domestic bullion market today due to renewed buying by stockists and traders, coupled with some low level local buying interest.

Silver also recovered moderately on speculative off-take.

Standard gold of 99.5 per cent purity rose Rs 190 to close at Rs 27,695 per 10 gm from Thursday’s closing level of Rs 27,505.

Pure gold of 99.9 per cent purity also gained Rs 185 to finish at Rs 27,830 per 10 gm from Rs 27,645.

Silver ready (.999 fineness) moved up Rs 70 to conclude at Rs 41,590 per kg as against Rs 41,520 previously.

“Stockist are buying yellow metal ahead of festivals.

Besides, short supplies due to government curbs are aiding the rise,” a dealer said.

Overseas, gold eased, though was capped by slight slippage of dollar against major basket currencies ahead of Federal Reserve Policy meet next week also a Wall Street Journal report suggested that not raising rates any time soon.

In London, spot gold was bid down at USD 1,329.46 an ounce in early trade and silver bid lower at USD 20.05 per ounce.

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