Gold prices rebound on jewellers’ demand, global cues

Mumbai-India (Dec 6)  Gold prices recovered modestly by Rs 35 per 10 grams at the bullion market on Tuesday on fresh buying by jewellers, on the back of higher global cues.

Silver rose further due to bullish speculative buying amid good industrial offtake. Standard gold (99.5 purity) moved up by Rs 35 per 10 grams to end at Rs 28,295 from Monday’s closing level of Rs28,260. Pure gold (99.9 purity) also rose by a similar margin to settle at Rs28,445 per 10 grams against Rs28,410 earlier. Silver (.999 fineness) jumped by Rs 330 to conclude at Rs41,330 per kg as against Rs 41,000.

Globally, gold inched up as bargain-hunters moved in after prices touched their lowest in 10 months the session before, but a possible US rate hike as early as next week capped gains. Spot gold was up 0.2% at $1,172.17 an ounce in early trade. It touched $1,157 an ounce on Monday, its lowest since 5 February. Among other precious metals, silver was up 0.3% at $16.77 per ounce.

Source: TheMint