Gold prices recover on fresh demand, positive global cues
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Mumbai: Gold prices recovered at the domestic bullion market here on Monday on fresh demand from jewellery stockist supported by bullish overseas cues. Silver gained marginally because of mild speculative and good industrial offtake.
Standard gold (99.5% purity) rose by Rs135 to settle at Rs29,295 per 10 grams, from last Friday’s level of Rs29,160. Pure gold (99.9% purity) also moved down by a similar margin to Rs29,445 per 10 grams as against Rs29,310 previously. Silver (.999 fineness) went up by Rs35 to conclude at Rs41,800 per kg as against Rs41,765 last Friday.
Globally, gold rose in early European trade rebounding from 5-1/2 month lows as the dollar shed some of the hefty gains made in the previous week on bets that US president-elect Donald Trump’s plans for fiscal stimulus would prove inflationary. As the dollar took a breather on Monday, gold clawed back some lost ground. Spot gold was up at $1,214.21 an ounce early trade and silver too rose to $16.67 an ounce.