Gold gains on global cues, silver spurts

Gold gains on global cues, silver spurts

Mumbai: Gold prices recovered smartly at the bullion market here on Tuesday due to fresh buying by stockists and jewellers on the back of firming trend at overseas market.

“Jewellers are heavy buyers in today’s trade, pushing the yellow metal forward," traders said.

Silver also spurted on hectic demand from industrial users.

Standard gold (99.5 purity) rebounded by Rs95 per 10 grams to end at Rs17,905 from overnight closing level of Rs17,810.

Pure gold (99.9 purity) also shot up by Rs100 per ten grams to finish at Rs18,000 from Rs17,900 on Monday.

Silver ready (.999 fineness) strengthened by Rs360 per kilo to settle at Rs29,585 as against Rs29,225 previously.

In Europe, gold rose on the back china’s announcement of greater freedom in its gold trade.

Spot gold was bid at $1,188.15 an ounce in early trade as against $1,181.25 late in New York on Monday.

US gold futures for August delivery rose by $5.40 to $1,190.80 an ounce.

Silver was at $18.39 an ounce as against $18.34.