Gold shrugs off weak global cues, rebounds on rising demand

New Delhi-India (Feb 19)  Gold prices rebounded by Rs 525 to Rs 28,945 per 10 grams at the bullion market today on renewed buying by jewellers, driven by rising wedding season demand despite weakness in global cues.

 Elsewhere, silver strengthened further owing to sustained industrial and jewellery offtake.

 Standard gold (99.5 purity) climbed by Rs 525 to conclude at Rs 28,945 per 10 grams from Thursday's closing level of Rs 28,420.

 Pure gold (99.9 purity) also jumped by a similar margin to end at Rs 29,095 per 10 grams as against Rs 28,570.

 Silver (.999 fineness) rose by Rs 395 to finish at Rs 37,690 from Rs 37,295 yesterday.

 Globally, gold fell as a steadier tone to stocks and a firmer dollar helped erode some of the previous day's 2 per cent gains, but held above USD 1,220 an ounce as investors bet on a continuation of rock-bottom interest rates.

 Spot gold was down 0.9 percent at USD 1,221.42 an ounce in early trade, while US gold futures for April delivery were down 0.3 percent at USD 1,222.30.

Source: TheHindu