Gold recovers on fresh buying, silver firms up

Gold recovers on fresh buying, silver firms up

Mumbai: Gold prices recovered by Rs60 to Rs16,380 per ten grams in the bullion market on Thursday to snap its three-day fall on emergence of fresh buying from stockists and jewellers.

Silver maintaining its surge, firmed up owing to hectic stockists and speculative buying.

“Gold is getting support from low level buying and poised to become bullish in coming days due to ensuing marriage season," traders said, adding that higher trend in global markets also helped the recovery in the precious metal’s prices.

Standard gold (99.5 purity) rose by Rs60 to close at Rs16,380 per ten grams from Wednesday’s closing level of Rs16,320.

Pure gold (99.9 purity) also finished higher by a similar margin to end at Rs16,465 per ten grams from 16,405 on Wednesday.

Silver ready (.999 fineness) strengthened by Rs205 per kilo gram to conclude at Rs27,460 from Rs27,255 previously.

In London, gold hit a two-week high on the back of fresh investment support.

Spot gold was bid at $1,117.65 an ounce in early trade as against $1,112.80 an ounce late in New York previous day.

Silver was at $17.66 an ounce from $17.46 previously.