Gold recovers on renewed buying, silver surges

Mumbai : Snapping its two-day falling streak, gold prices recovered by Rs 45 per ten grams at the bullion market here today, tracking a firm trend overseas amid renewed buying by jewellers demand.

Silver also rose by Rs 400 per kg on good speculative offtake and industrial offtake.

Standard gold (99.5 purity) moved up by Rs 45 to close at Rs 31,095 per 10 grams from last Friday’s closing level of Rs 31,050.

Pure gold (99.9 purity) also rose by a similar margin to end at Rs 31,245 per 10 grams as against Rs 31,200 previously.

Silver (.999 fineness) climbed by Rs 400 per kg to close at Rs 45,985 as compared to Rs 45,585 earlier.

Globally, gold prices rose as the dollar slipped but gains were capped by nervousness ahead of the US Federal Reserve monetary policy meeting and a rise in the US government bond yields.

Spot gold was 0.3 per cent higher at USD 1,314.83 an ounce in early European trade, just off a low of USD 1,306.26 hit on Friday which was the weakest since September 1.

Among other precious metals, spot silver rose over 1.7 percent to as much as USD 19.1 an ounce.