Gold gets its bounce back on global cues

Taking a cue from global markets, gold prices bounced back in local markets on Wednesday as surging crude prices boosted the yellow metal’s appeal as an inflation hedge. The sliding dollar also boosted buying sentiment to some extent. In Mumbai, prices of standard and pure gold shot up by Rs 200 and Rs 205 to Rs 11,895 and Rs 11,970 per 10 gm, respectively. While in Delhi the yellow metal breached the Rs 12-k-mark to close at Rs 12,030 per 10 gm, it rose by Rs 195 at Rs 12,135 per 10 gm in Kolkata. Chennai markets saw a gain of Rs 70 as the metal closed at Rs 11,955 per 10 gm. In London, spot gold rose to $828.35/829.55 an ounce from $822.90/824.30 in New York on Tuesday.