Gold prices recover in Mumbai on global cues
Mumbai: Gold prices recovered modestly by Rs15 per 10 grams at the bullion market in Mumbai on Monday on fresh demand from stockists and retailers amid global cues.
Silver too strengthened by gaining Rs10 per kg due to increased offtake by industrial units. Standard gold (99.5 purity) rose by Rs15 to close at Rs29,240 per 10 grams from last Friday’s level of Rs29,225. Pure gold (99.9 purity) also moved up by the same margin to finish at Rs29,390 per 10 grams compared to Rs29,375.
Silver (.999 fineness) gained by Rs10 per kg to finish at Rs38,870 as against Rs38,860 previously. Globally, gold steadied as traders took to the sidelines ahead of a raft of central bank meetings and policy news this week, including President Donald Trump’s expected announcement of the next Federal Reserve chair.
Spot gold was at $1,272.50 an ounce at early trade, little changed from its late Friday level but well off that session’s three-week low. Among other precious metals, silver was down 0.4% at $16.75 an ounce.