Gold Rebounds Rs 1,200, Silver Gains Rs 2000

New Delhi: Gold prices bounced by Rs1,200 to hit nearly a two-month high level of Rs75,550 per 10 grams in the national capital on Friday, tracking a buying rush in domestic markets by jewellers amid a firm global trends. The precious metal had closed at Rs74,350 per 10 grams on Thursday. Extending its gains for the fourth straight session, silver prices also rallied by Rs2,000 to Rs89,000 per kilogram on increased offtake by industrial units and coin makers, according to the All India Sarafa Association. The white metal had finished at Rs87,000 per kg in the previous close on Thursday.

In the past four sessions, the metal has surged Rs5,200 per kg. Meanwhile, gold of 99.5 per cent purity also jumped by Rs1,200 to Rs75,200 per 10 grams from Rs74,000 per 10 grams in the previous close. Traders attributed the sharp rise in gold prices to strong cues in the international markets where the rates rose to a record high as investors expect a rate cut by the US Federal Reserve next week.