Gold prices recover on renewed demand
Mumbai: Gold prices recovered at the bullion market on Friday on renewed stockists buying as well as investors offtake triggered by global rebound over US cruise missile attack on Syrian airbase.
Silver also regained modestly due to speculative buying and industrial demand.
Standard gold (99.5 purity) rose by Rs90 per ten grams to end at Rs 28,775 from Thursday’s closing level of 28,685.
Pure gold (99.9 purity) also gained by a similar margin to finish at 28,925 from Rs 28,835 per 10 grams previously.
Silver (.999 fineness) surged by 120 per kilo to conclude at Rs 42,630 from Rs 42,510. In London, gold hit a five-month high as investors looking for safety piled into the precious metal after the United States fired dozens of cruise missiles at a Syrian airbase, escalating tensions with Russia and Iran.
Spot gold climbed 1.07% at $1,264.70 per ounce in early trade. Spot silver also rose 0.9% to $18.41 an ounce.