Gold, silver spurt on fresh buying, global rebound

Gold prices recovered sharply at the bullion market here today following fresh buying by stockists and investors amid a bounce back at overseas markets.

Silver also rallied smartly on speculative offtake and firm industrial buying.

Standard gold (99.5 purity) surged by Rs 160 to close at Rs 28,345 per 10 grams from Thursday's closing level of Rs 28,185.

Pure gold (99.9 purity) also climbed by a similar margin to end at Rs 28,495 per 10 grams as compared to Rs 28,335 previously.

Silver (.999 fineness) also rose by Rs 360 per kg to finish at Rs 37,805 from Rs 37,445 yesterday.

In Europe, gold was set for its biggest weekly gain in two months as a surging euro pushed the dollar to its weakest since June 2016, making bullion cheaper for holders of other currencies.

Spot gold was up 0.2 per cent at USD 1,247.09 an ounce in early trade.

Spot silver was up 0.5 per cent at USD 16.37 an ounce.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)