Gold prices recover on global cues
Mumbai: Aided by positive global cues and pick up in demand from local jewellers on account of weddings, gold snapped its three-day falling streak by recovering Rs 70 per 10 grams at the bullion market on Friday. However, silver dropped further for the fourth-day on lower industrial demand.
Standard gold (99.5 purity) rose by Rs 70 to close at Rs 29,345 per 10 grams from Thursday’s level of Rs 29,275. Pure gold (99.9 purity) also moved up by a similar margin to end at Rs 29,495 per 10 grams as compared to Rs 29,425 on Thursday.
Silver (.999 fineness) declined by Rs 420 per kg to Rs 42,025 as against Rs 42,445 previously.
Globally, gold prices treaded water as investors awaited the outcome of weekend French elections and possible announcements about tax cuts in the United States.
Spot gold was up 0.1% at $ 1,282.59 per ounce at at early trade, on track for its first weekly drop in six. Spot silver declined 0.2% to $17.96, extending losses into the fifth session. Silver has shed about 3% so far this week.