Gold rebounded smartly at the domestic bullion market on Wednesday on emergence of fresh demand from stockists and traders as well as good retail buying.

Silver also gained owing to renewed industrial demand.

Brisk low—level buying, ongoing wedding season offtake and sliding rupee valuations too supported the price trend in the yellow metal. Rupee today hit nearly 10—month low of 56.17 against the greenback.

Standard gold of 99.5 per cent purity rose by Rs 240 to conclude at Rs 26,630 per 10 gm from Tuesday’s closing level of Rs 26,390.

Pure gold of 99.9 per cent purity shot up by Rs 245 to end at Rs 26,775 per 10 gm from Rs 26,530.

Silver ready (.999 fineness) firmed up by Rs 230 to conclude at Rs 44,660 per kg as against Rs 44,430 yesterday.

In overseas trade, the yellow metal traded higher on strong Asian demand despite improving US macroeconomic data amid stimulus uncertainty in the world’s largest economy.

Spot gold rose to $1,391 an ounce in European trade, while spot silver was up at $22.38 an ounce.

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