Gold touches Rs.28,000 on global cues

Gold prices rebounded from an 11-month low by surging Rs 475, to Rs 28,025 per 10 grams on Tuesday, 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% to $1,138.90 an ounce, and silver by 0.83% to $15.88 an ounce in Singapore.

In the national capital, gold of 99.9% and 99.5% 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.