Gold recovers, silver reclaims Rs 38,000 level

Gold prices rebounded at the domestic bullion market here on Monday following strong offtake from investors and jewellers, even as the metal lost sheen overseas.

Elsewhere, silver also recouped to reclaim the key Rs 38,000-mark on speculative offtake coupled with rising industrial demand.

Standard gold (99.5 purity) surged by Rs 100 to finish at Rs 28,540 per 10 grams from last Friday’s closing level of Rs 28,440. Pure gold (99.9 purity) also rose by a similar margin to end at Rs 28,690 per 10 grams as compared to Rs 28,590 earlier. Silver (.999 fineness) spurted by Rs 380 per kg to conclude at Rs 38,355 as against Rs 37,975 earlier. Globally, gold prices hit their highest in almost seven weeks, boosted by a struggling dollar and the US economic data that has cast doubt on whether the Federal Reserve will raise rates again this year.

Spot gold was down 0.1 per cent at $1,268.00 an ounce at early trade from an earlier $1,270.98, its highest since June 14. It is on course for a two per cent rise this month.

Elsewhere, silver gained 0.5 per cent to $16.75 an ounce.