Gold prices rebounded to hit fresh peak at the bullion market on Friday on hectic demand from stockists and investors sparked by the bullish momentum at international level.

Silver also zoomed on heavy speculative buying tracking the yellow metals rally.

Standard gold (99.5 purity) rallied by Rs 200 to end at Rs 32,200 per 10 gm from Thursday’s closing level of Rs 32,000.

Pure gold (99.9 purity) gained by Rs 210 to close at Rs 32,355 per 10 gm from Rs 32,145.

Silver ready (.999 fineness) shot up by Rs 1,330 per kg to finish at Rs 63,665 as against Rs 62,335 yesterday.

“Traders opted to sideline any hope of correction amidst ensuing wedding and festive seasons after overseas gold rally following US Federal Reserve’s release of its much awaited stimulus measures,” dealers said.

In New York, gold soared to nearly seven—month highs following Federal Reserve launching of its stimulus measures to boost the world’s largest economy.

Gold for December delivery hardened $38.40 to settle at $1,772.10 an ounce on the Comex division of the NYMEX late yesterday.

Silver for December contract finished higher by 1.49 cents to $34.78 an ounce.

(This article was published on September 14, 2012)
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