Reversing three—day downtrend momentum, gold rebounded smartly to reclaim the psychological Rs 29,000 per 10 grams level at the bullion market on Friday on renewed buying interest from investors and stockists, sidelining global bearishness.

The industrial metal also managed to cut short its uninterrupted seven—session slide and moved up marginally owing to stray industrial off—take.

Standard gold of 99.5 per cent purity rose by Rs 115 per 10 gm to finish at Rs 29,100 from overnight closing level of Rs 28,985.

Pure gold of 99.9 per cent purity also gained by a similar margin to close at Rs 29,235 per 10 gm from Rs 29,120 yesterday.

Silver ready (.999 fineness) gained by Rs 90 to conclude at Rs 52,070 per kg from Thursday’s close of Rs 51,980.

Meanwhile, in New York, gold fell for the fourth straight session on the back of consistent sell—off by funds and ahead of much awaited key US employment data later in the day.

Gold for June delivery slipped $1.10 to settle at $1,552.40 an ounce on the Comex division of the NYMEX late yesterday.

Silver May contract fell 3 cents to end at $26.77 an ounce.

(This article was published on April 5, 2013)
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