ALSO READGold drops below Rs 30,000, silver plunges Rs 800 on subdued demand Gold settles below Rs 29,000-mark on slack demand, silver rules firm Gold loses sheen, silver plunges below Rs 36,000 Gold dearer by Rs 160 per gram, Silver crosses Rs 39,000 per kg Gold prices slump deeper on weak global cues, muted demand
Gold recovered at the domestic bullion market here on Monday on sustained buying interest from stockists and retailers amid strong global cues. Silver too reclaimed the Rs 39,000-mark due to speculative offtake amid heavy industrial demand. Standard gold (99.5 purity) climbed by Rs 335 to close at Rs 29,245 per 10 grams from last Friday’s closing level of Rs 28,910. Pure gold (99.9 purity) also gained by a similar margin to close at Rs 29,395 per 10 grams against Rs 29,060. Silver (.999 fineness) rose by Rs 515 per kg to close at Rs 39,225 from Rs 38,710 previously. In Asian trade, gold rose to its highest in more than a week as the dollar weakened and the euro powered ahead after the head of the European Central Bank refrained from talking down the single currency at a high-profile meeting of central bankers. Spot gold rose 0.4 per cent to $ 1,296.50 an ounce at early trade, having touched its highest since August 18 at $1,298.58. In other precious metals, silver was up 0.5 per cent at $17.15 an ounce, having touched its highest since August 18 at $17.21.
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