#Gold rebounds on increased demand, global cues

Mumbai, Mch 22 (PTI) Gold witnessed a modest rebound after an overnight losses at the domestic bullion market here today due to renewed buying interest from jewellery stockists and retailers amid firming overseas trend.

Elsewhere, silver also recovered smartly on the back of heavy speculative offtake.

Standard gold (99.5 purity) rose by Rs 25 to settle at Rs 28,710 per 10 grams from Monday’s closing level of Rs 28,685.

Pure gold (99.9 purity) also added by a similar margin to end at Rs 28,860 per 10 grams as compared to Rs 28,835.

Silver (.999 fineness) jumped by Rs 345 per kg to finish at Rs 38,435 from Rs 38,090 earlier.

In worldwide trade, gold rallied more than 1 percent, after two explosions at Brussels airport killed at least 13 people and a further blast hit the Belgian capital’s Metro, with investors seeking assets seen as a haven from risk.

Spot gold rallied to a high of USD 1,259.60 an ounce in the wake of the news, and was at USD 1,249.86 in early European trade.

Silver was up 0.7 per cent at USD 15.89 an ounce.