Gold, silver Rebound On Strong Festive Demand

New Delhi: Gold and Silver prices rebounded on Thursday due to fresh demand from stockists and retail consumers for the ongoing festival. The precious yellow metal rose Rs200 to revisit the all-time high level of Rs78,300 per 10 grams, according to the All India Sarafa Association. It had closed at Rs78,100 per 10 grams on Tuesday. Silver also jumped by Rs665 to Rs93,165 per kg from Rs92,500 per kg in the previous close. Additionally, gold of 99.5 per cent purity climbed by Rs200 to reclaim its all-time high of Rs77,900 per 10 grams. The metal had finished at Rs77,700 per 10 grams on Tuesday. In the Asian trading hours, Comex gold is trading 0.17 per cent lower at $2,665.20 per ounce. Silver was quoted 0.36 per cent lower at $31.81 per ounce globally. Traders said the sentiment turned better on rising demand at the beginning of ‘Navratri’, an auspicious week in Hindu mythology for purchasing new things particularly precious metals. “A possible increase in jewellery demand amid peak festival season and a weak Indian rupee also aided the commodity in the domestic market,” Hareesh V, Head of Commodities at Geojit Financial Services, said.