Gold eases, silver recovers on subdued demand

Gold prices fell by Rs 55 per 10 grams at the bullion market here today following subdued demand from stockists and local jewellers.

However, silver prices recovered modestly by Rs 85 per kg due to renewed demand from industrial units.

Standard gold (99.5 per cent purity) prices fell by Rs 55 to end at Rs 29,315 per 10 grams from Thursday's level of Rs 29,370.

Pure gold (99.9 per cent purity) also moved down by a similar amount to finish at Rs 29,465 per 10 gram as against Rs 29,520 earlier.

However, silver (.999 fineness) rose by Rs 85 per kg to conclude at Rs 36,875 as compared to Rs 36,790, previously.

Globally, gold recovered to some extent as weakening dollar relieved pressure on prices, but the metal remained near 19-month lows.

Spot gold was up at USD 1,175.89 an ounce in an early European trade.

In other precious metals, silver was up at USD 14.62 an ounce.