Mumbai, January 01: Gold prices recovered at the bullion market here today due to fresh buying by stockists and local demand amidst firm overseas trend.
Silver also rebounded to scale an all-time high on the back of speculative buying and industrial users. In Delhi, the white metal surged by Rs 250 to Rs 46.70 per kg as retail customers indulged in token purchases of silver objects on the first day of the new year. With a firming general trend, gold also climbed by Rs 70 to Rs 20,960 per 10 grams.
Buying activity further bolstered as the metal in overseas markets turned extremely bullish, as prices rose to a 30-year high by gaining 1.48 per cent to $30.91 an ounce as investors preferred to park their funds in bullion amid deepening Euro sovereign debt crisis.
Standard gold (99.5 per cent purity) firmed up by Rs 60 per 10 grams to end at Rs 20,645 from Friday’s closing level of Rs 20,585.
Pure gold (99.9 per cent purity) rose by Rs 65 per 10 grams to close at Rs 20,745 as against 20,680 yesterday.
Silver ready (.999 fineness) hardened by Rs 180 per kilo to end at Rs 47,210 from yesterday’s closing level of Rs 47,030.
In New York, gold futures for February delivery was up by $15.50 to USD 1,421.40 an ounce on the Comex Division of the NYMEX.
Gold in overseas markets also jumped up by $17.50 to $1,421.60 an ounce.
Silver coins also spurted by Rs 300 to new peak of Rs 50,200 for buying and Rs 50,300 for selling of 100 pieces.
–Agencies