Gold prices recovered smartly at the bullion market here on Saturday on emergence of fresh buying from stockists and jewellers as well as investment demand amid bullish overseas sentiment.
The industrial metal, silver too rallied to a one—month high owing to speculative investment offtake coupled with strong industrial offtake.
Standard gold of 99.5 per cent purity surged by Rs 235 to finish at Rs 27,480 per 10 grams from Friday’s closing level of Rs 27,245.
Pure gold of 99.9 per cent purity also rose by a similar margin of Rs 235 to conclude at Rs 27,610 per 10 grams from Rs 27,375.
Silver ready (.999 fineness) jumped by a hefty Rs 1,970 per kg to close at Rs 55,110 as compared to Rs 53,140 yesterday.
On the global front, gold finished higher in New York after rebounding from its earlier losses on falling dollar amid concerns over Greece debt deal.
Gold for February delivery rose by $9.50 to settle at $1,664 an ounce on the Comex division of NYMEX late yesterday.
March silver shot up by $1.17 to end at $31.675 an ounce.