Gold rebounded sharply from its overnight crash to conquer another fresh historic peak and came within a striking distance of the Rs 32,000—mark at the bullion hub here on fresh bout of speculative buying ignited by encouraging global cues.

Silver also regained smartly and revisited nearly an 11—1/2 month high, driven by aggressive stockist demand amid strong industrial off—take.

Standard gold (99.5 purity) zoomed by Rs 605 to conclude at Rs 31,955 per 10 gm from Friday’s closing level of Rs 31,350.

Pure gold (99.9 purity) skyrocketed by Rs 600 to close at Rs 32,095 per 10 gm from Rs 31,495.

Silver ready (.999 fineness) vaulted by Rs 1,825 per kg to finish at Rs 62,930 as compared to Rs 61,105 yesterday.

On the global front, bullion soared to multi-month highs in New York trading on Friday as speculators increased their positions on the back of weaker—than—expected US jobs data amid mounting optimism that the Federal Reserve will roll out fresh round of quantitative easing measures in its next policy meeting.

In New York, gold for December delivery rose by $34.90 to settle at $1,740.50 an ounce on the Comex division of the NYMEX late yesterday.

Silver for December contract strengthened by $1.02 to $33.69 an ounce.

(This article was published on September 8, 2012)
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