Precious metals recover on higher global cues

Both the precious metals, gold and silver recovered smartly on the bullion market here today due to fresh stockists buying on the back of firming trend in overseas markets.

Despite higher prices, good buying inquiries in view of marriage season also boosted the market sentiments.

Gold turned higher in London reversing earlier losses, as the dollar weakened against the euro, sparking buying of the metal as an alternative asset.

Spot gold was bid at $950.35 an ounce as against $948.10 an ounce late in New York on Wednesday.

Tracking the gold prices, silver also ended higher at $14.80 an ounce against $14.72 an ounce.

In the local market, standard gold (99.5 purity) firmed up by Rs 50 per ten grams to Rs 14,665 from yesterday's closing level of Rs 14,615.

Pure gold (99.9 purity) also ended with a similar margin of Rs 50 per ten grams to Rs 14,730 as against Rs 14,680 previously.

Silver ready (.999 fineness) shot up by Rs 385 per kilo to Rs 23,065 from Rs 22,680 yesterday.