Gold bounces from 11-mth low, regains Rs 28,000 on global cues

New Delhi: Shaking off the four-day losing grip, gold prices rebounded from an 11-month low by surging Rs 475 to Rs 28,025 per 10 grams, leaning on positive global cues amid fresh buying by local jewellers.

Silver, too, retook the Rs 39,000-mark by climbing Rs 550 to Rs 39,150 per kg on increased offtake by industrial units.

A significant recovery in gold prices, according to traders, was mostly because of the firm trend in the global market and emergence of buying by jewellers at the domestic spot market.

Globally, gold rose 0.94 per cent to USD 1,138.90 an ounce and silver by 0.83 per cent to USD 15.88 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded Rs 475 each at Rs 28,025 and Rs 27,875 per 10 grams, respectively. The precious metal had lost Rs 400 in the previous four days.

Sovereign also recovered by Rs 100 to Rs 24,000 per piece of eight grams.

In sync with gold, silver ready traded higher by Rs 550 to Rs 39,150 per kg and weekly-based delivery by Rs 655 to Rs 39,120 per kg.

On the other hand, silver coins traded steady at Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces.