Gold climbs to hit 3-1/2 month high; silver rebounds

Gold prices extended its climb and hit more than 3-1/2 month high at the domestic bullion market today on heavy demand from stockists and traders in the backdrop of approaching festivities. Silver also rebounded on good speculative demand. Standard gold of 99.5 per cent purity surged by Rs 270 to close at Rs 28,215 per 10 gm from last Saturday's closing level of Rs 27,945.

Also read: Gold premiums jump on supply woes

Pure gold of 99.9 per cent purity advanced by a similar margin to conclude at Rs 28,355 per 10 gm from Rs 28,085. Silver ready (.999 fineness) also shot up by Rs 420 to end at Rs 41,975 per kg from Rs 41,555 last weekend. "Supply problems due to import-curbs and weak rupee today supported gold gain," a dealer said.

Overseas, gold gained on softer dollar amid expectations that the US Federal Reserve would keep interest rates low at the meeting later in the week. In London, spot gold was bid up at USD 1,334.31 an ounce in early trade and silver bid higher at USD 20.06 an ounce.

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