Gold witnessed a strong rebound after two-day slide at the domestic bullion market today on renewed stockists as well as retail buying interest and global sentiment.

Moving with the general trend, silver also regained some of the lost ground owing to speculative buying.

Standard gold of 99.5 per cent purity spurted by Rs 290 to finish at Rs 27,860 per 10 gm from Wednesday’s closing level of Rs 27,570.

Pure gold of 99.9 per cent purity surged by Rs 295 to close at Rs 27,995 per 10 gm from Rs 27,700.

Silver ready (.999 fineness) rose by Rs 140 to close at Rs 44,610 per kg over its previous close of Rs 44,470.

Globally, the yellow metal rallied on safe haven demand, bouncing back from its three-week low following some weakness seen in dollar and selling pressure in equities.

Gold for August delivery jumped $15 to settle at $1,392 an ounce on the Comex division of the NYMEX late yesterday and July silver contract gained 15 cents to $21.80 an ounce.

Meanwhile, government today ruled out further hike in customs duty following a declining trend in gold imports in the last few weeks after the recent policy measures jointly taken by the centre and the RBI to curb gold demand in view of widening current account deficit.

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