Gold defies world trends, rebounds by Rs 405/ 10 gm

Defying weak global cues, gold prices staged a remarkable turnaround at the bullion hub here on the back of frantic buying interest from jewellery stockists and investors. The recent steep slide in the yellow metal predominantly transformed to buying spree from speculators and local traders even as overseas sentiment remained extreme nervous.

The metal witnessed a near-term <g data-gr-id="16">rout</g> across the commodity markets worldwide jolted by the developments in Greece along with Iranian Nuclear negotiations amid fears over an imminent US Fed rate hike. Standard gold (99.5 purity) jumped by Rs 405 to finish at Rs 24,995 per 10 gm from Friday’s closing level of Rs 24,590.

Pure gold (99.9 purity) also shot-up by a similar margin to end at Rs 25,145 per 10 grams against Rs 24,740. However, the metal showed a massive loss of Rs 775 or 3 <g data-gr-id="15">per cent</g> for the week.