Gold rebounds to hit fresh high

Gold prices bounced back sharply to hitfresh all-time high at the domestic bullion market in Mumbai on Tuesday onheavy stockists as well as investment-driven buying triggered by bullishEuropean trend.

Silver also rebounded on the back of frantic buying byspeculators and traders.

Standard gold (99.5 purity) spurted by Rs 225 per 10 gramsto close at Rs 23,375 from Monday's close of Rs 23,150.

Pure gold (99.9 purity) also rose by a similar margin tofinish at Rs 23,485 per 10 grams from Rs 23,260 on Monday.

Silver ready (.999 fineness) jumped by a hefty Rs 675 per kgto conclude at Rs 59,120 as against Rs 58,445 previously.

In Europe, Gold prices traded higher within strikingdistance of record highs on optimism over USdebt deal and South Korea'scentral bank buying 39.4 tonnes of gold holdings.

Spot gold was bid at $1,626.96 an ounce in early trade andsilver was bid at $39.68 an ounce.