Gold, silver recover on renewed buying support

Both the precious metals recovered on renewed buying by stockists in the bullion market here today.

Gold attracted good support due to sustained buying by retail investors for the ongoing wedding season, while silver edged up on industrial demand.

Global rating agency Fitch downgraded Spain's debt ratings to AA+ from AAA Friday, providing a boost to yellow metal as an alternative safe investment.

Gold for August delivery inched up 60 cents to settle at  $1,215 an ounce on the Comex division of the New York Mercantile Exchange, while silver for July delivery softened five cents to $18.42 an ounce.
    
Standard gold (99.5 purity) recovered by Rs 110 per ten grams to settle at Rs 18,510 from yesterday's close of Rs 18,400.
    
Pure gold (99.9 purity) went up by Rs 115 per ten grams to Rs 18,600 against previous closing of Rs 18,485.
    
Silver ready (.999 fineness) firmed up by Rs 35 per kilo to Rs 29,840 from Thursday's close of Rs 29,805.