Gold prices recover on renewed demand
Mumbai: Gold saw a mild recovery after its four-day fall at the domestic bullion market in Mumbai on Monday following renewed buying by jewellery stockists and retailers.
Elsewhere, silver also rebounded owing to fresh speculative buying amid good industrial offtake.
Standard gold (99.5% purity) advanced by Rs 50 to end at Rs 29,195 per 10 grams from last Friday’s level of Rs 29,145.
Pure gold (99.9% purity) also rose by a similar margin to conclude at Rs29,345 per 10 grams from Rs 29,295. Silver (.999 fineness) jumped by Rs 330 per kg to finish at Rs 43,180 compared to Rs 42,850 previously.
Globally, gold steadied after falling to two-week lows in the previous session after Fed Chair Janet Yellen reinforced expectations the US central bank would raise interest rates this month.
Spot gold was down 0.2% to $1,231.6 an ounce in early trade, after Friday’s slide to $1,222.51, the lowest since 15 February. Elsewhere, spot silver fell 1% to $17.78 per ounce.