Gold,silver recover on renewed buying,global cues

Gold and silver prices rebounded smartly at the domestic bullion market in Mumbai on Wednesday on renewed speculative buying as well as investment demand amid bullish global cues.

Standard gold (99.5 purity) spurted by Rs 330 per 10 gram to close at Rs 28,165 from Tuesday’s close of Rs 27,835. Pure gold (99.9 purity) also rallied Rs 340 per 10 gram to finish at Rs 28,300,up from Rs 27,960. Silver ready (.999 fineness) zoomed by Rs 1,120 per kilo to end at Rs 65,180 as compared to Rs 64,060 previously. In New York,Gold recouped on hectic low level buying amid worsening Eurozone soverign-debt crisis lured investors back to the metal.

Gold for December delivery rose $16.80 to $1,830.10 an ounce on the Comex division of NYMEX late yesterday. Silver for December contract also were higher by 98 cents to $41.19 an ounce.