Gold prices recover on renewed buying, silver surges
Mumbai: Gold prices recovered by Rs120 per ten grams at the bullion market on Wednesday in sync with a firm global trend amid persistent buying by local jewellers. Silver also advanced by Rs145 per kg backed by increased offtake by industrial units.
Standard gold (99.5 purity) moved up by Rs120 to close at Rs30,190 per 10 grams from Tuesday’s closing level of Rs 30,070. Pure gold (99.9 purity) rose up by Rs115 to end at Rs30,340 per 10 grams as against Rs30,225. Silver (.999 fineness) climbed by Rs145 per kg to close at Rs40,885 as compared to Rs40,740 earlier.
Globally, gold rose towards one-year highs, boosted by tensions on the Korean peninsula and a lower dollar due to growing expectations the Federal Reserve will delay rate rises. Spot gold was little changed at $1,340.12 an ounce at early trade. Elsewhere silver gained 0.2% to $17.93.