Gold glitters by `400 to `26,915 per 10 grams

Gold prices rebounded sharply and closed to a more than one-week high at the domestic bullion market here following frantic buying by jewellery stockists and traders amid robust retail demand ahead of year-end festivities and wedding season.

Moving in line with the general trend, silver also jumped to retrace the key Rs 37,000-mark on the back of heavy speculative buyout. Standard gold (99.5 purity) zoomed by a whopping Rs 400 to end at Rs 26,915 per 10 grams from Wednesday's closing level of Rs 26,515.

Pure gold (99.9 purity) also shot-up by the same margin to finish at Rs 27,065 per 10 grams, as against Rs 26,665. Silver (.999 fineness) galloped by Rs 970 to conclude at Rs 37,780 per kg compared to Rs 36,810 previously.

In worldwide trade, the yellow metal surged ahead, rebounding from its three-week low in thin holiday trade on weak dollar as well as bargain hunting. Spot gold was sharply higher at $1,197.00 an ounce in early trade Indians have traditionally been the world’s largest buyers of gold.