Gold bounce on global cues, Silver reclaims Rs 40k level

Riding on a global trend, gold prices rebounded at the domestic bullion market on June 8 following strong offtake from investors and jewellers.

Elsewhere, silver also rebounded and zoomed to reclaim the key Rs 40,000 mark on heavy speculative offtake coupled with rising industrial demand.

Standard gold (99.5 purity) surged by Rs 205 to finish at Rs 29,240 per 10 grams from Tuesday's closing level of Rs 29,035.

Pure gold (99.9 purity) also rose by a similar margin to end at Rs 29,390 per 10 grams as compared to Rs 29,185 earlier.

Silver (.999 fineness) spurted by a whopping Rs 965 per kg to conclude at Rs 40,120 as against Rs 39,155 earlier.

Globally, gold touched a two-week high, bolstered by a weaker dollar on declining expectations that the US Federal Reserve will raise interest rates any time soon.

Spot gold rose 0.7 percent to USD 1,252.36 an ounce in early European trade. It hit a high of USD 1,253.66 earlier in the session, its strongest since May 23.

US gold climbed 0.6 percent to USD 1,255.40.

Among other precious metals, silver touched near three-week highs, and rose 2 percent to USD 16.71 an ounce.

PTI RD .