Mumbai, April 9 (PTI): Gold prices rebounded at the domestic bullion market here today following renewed demand from stockists and retailers, despite bearish global cues. Silver too recovered owing to fresh offtake from industrial users.
Bullion traders said fresh buying by local jewellers mainly kept gold prices higher but a weak trend overseas capped some of the gains.
Standard gold (99.5 purity) rose by Rs 110 to end at Rs 30,550 per 10 grams from last Friday’s closing level of Rs 30,440.Pure gold (99.9 purity) also moved up by a similar margin to finish at Rs 30,700 per 10 grams as compared to Rs 30,590 previously.
Silver (.999 fineness) climbed by Rs 135 per kg to Rs 38,035 as against Rs 37,900 last Friday.Globally, gold retreated, erasing the previous session’s slim gains as fading concern over potential escalation in the trade stand-off between China and the United States sparked a recovery in cyclical assets such as stocks at bullion’s expense.
Spot gold was down at USD 1,338.45 an ounce in early European trade, while US gold futures for June delivery fell by to USD1,332.00.
Among other precious metals, silver was trading flat at USD 16.35 an ounce.
