Gold, silver rebound on festive demand

MUMBAI:  Gold prices recovered at the domestic bullion market here on Wednesday on good retail off—take, coupled with local buying interest at the existing low levels amid festive season.

Silver also regained moderately on fresh speculative demand as well as industrial buying.

Dealers said that they are expecting good demand for precious metals in the coming days as festive season is underway, with Navratri beginning yesterday followed by Diwali and Dhanteras next month amid marriage buying.

Standard gold (99.5 purity) rallied by Rs 150 per 10 gm to close at Rs 30,950 from Tuesday’s closing level of Rs 30,800.

Pure gold (99.9 purity) also rose by Rs 145 per 10 gm to finish at Rs 31,090 from Rs 30,945.

Silver ready (.999 fineness) surged by Rs 370 per kg to conclude at Rs 60,860 as compared to Rs 60,490 previously.

In New York, gold ended higher on weaker dollar after reports over Spain would apply aid for bailout from its European partners.

Gold for December delivery gained $8.70 to $1,746.30 an ounce on the Comex division of the NYMEX late yesterday.

December silver contract went up 22 cents to $32.96 an ounce.

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