Gold prices recover on mild demand in Mumbai
Mumbai: Gold prices recovered marginally to Rs29,395 per 10 grams at the bullion market in Mumbai Wednesday due to mild demand from stockist and retailers amid bullish global cues.
Silver firmed up further by Rs215 per kg to Rs39,140 per kg owing to persistent offtake by industrial units. Standard gold (99.5 purity) edged up by Rs10 per 10 grams to settle at Rs29,245 as against Tuesday’s closing level of Rs29,235.
Pure gold (99.9 purity) also moved up by a similar margin to end at Rs29,395 per 10 grams against Rs29,385 earlier. Silver (.999 fineness) surged by Rs215 to finish at Rs39,140 as compared to Rs38,925 yesterday.
Globally, gold climbed briefly back above $1,280 an ounce as caution ahead of this week’s confirmation of the new Federal Reserve chair and a policy statement from the bank prompted some to close out bets on falling prices. Spot gold was up at $1,278.11 an ounce at early European trade, having earlier peaked at $1,280.87. Elsewhere, silver was up at $16.94 an ounce.