Gold, silver rebound on good buying, global cues

Mumbai: Gold prices rebounded smartly at the bullion market here on August 1 following good buying by stockists as well as local consumers amid bullish global cues. Silver too witnessed higher speculative and industrial offtake after its overnight fall. Standard gold (99.5 purity) climbed by Rs 250 to close at Rs 24,890 per 10 grams from Friday's closing level of Rs 24,640.

Pure gold (99.9 purity) rose by a similar margin at Rs 25,040 per 10 grams as compared to Rs 24,790 previously. Silver (.999 fineness) shot-up by Rs 275 to settle at Rs 34,625 per kg as against Rs 34,350 yesterday.

At the global level, gold reversed earlier losses yesterday as the dollar fell after weaker-than-expected US data, but prices remained on course for their biggest monthly decline in more than two years on expectations the Federal Reserve will soon raise interest rates. Gold August delivery rose by USD 6.50 at 1,094.90 an ounce on the comex division of the NYMEX late yesterday and silver also moved up to USD 14.745 an ounce.