Gold, silver rebound on global rally

Gold continued its forward march to revisit Rs 29,000 per 10 grams at the bullion market on Thursday on persistent demand from stockists and jewellers triggered by a further rally in global markets.

Silver rebounded smartly on fresh speculative buying amid good industrial off-take.

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Standard gold of 99.5 per cent purity strengthened by Rs 85 to close at Rs 29,050 per 10 grams from Wednesday's close of Rs 28,965.

Pure gold of 99.9 per cent purity hardened by Rs 80 to finish at Rs 29,180 per 10 grams as against Rs 29,100 yesterday.

Silver ready (.999 fineness) jumped by Rs 860 to conclude at Rs 56,740 per kg from Rs 55,880 previously.

In New York, gold spurted on a weak dollar, on the back of announcement by world's key central banks to slash borrowing costs and help financial system with liquidity.

Gold for December delivery shot up $32.10 to $1,745.50 an ounce on the Comex division of the NYMEX late yesterday.

December silver added 88 cents to $32.73 an ounce.