Gold price rebounds on renewed buying interest, silver moves up

Mumbai-India (Jan 3)  Gold prices bounced back firmly after a two-day down trending mode at the domestic bullion market in Mumbai due to good demand from jewellery stockists as well as seasonal offtake.

Elsewhere, silver also gained marginally on improved industrial support.

Standard gold (99.5 purity) rose by Rs 100 to conclude at Rs 26,700 per 10 grams from Friday's level of Rs 26,600.

Pure gold (99.9 purity) also climbed by a similar margin to end at Rs 26,850 per 10 grams compared to Rs 26,750.

Silver (.999 fineness) moved up by Rs 95 to finish at Rs 36,710 per kg as against Rs 36,615 on Friday.

On the global market, the yellow-metal edged higher on the back of weak equities following lower-than-expected US macro data.

Gold February delivery settled at $1,186.80 an ounce on the Comex division of the NYMEX late Friday, while silver March contract jumped 1.3 per cent to $15.80 an ounce.

Source: BusinessToday.India