Gold gains on renewed demand

Gold prices recovered by Rs 165 to reach Rs 29,655 per 10 gram at the bullion market here today following fresh offtake from stockists even as metals weakened overseas.

Silver prices, however, held steady in the absence of any large-scale buying activity.

Standard gold (99.5 per cent purity) climbed by Rs 165 to close at Rs 29,655 per 10 gram from last Friday's level of Rs 29,490.

Pure gold (99.9 per cent purity) also moved up by the same amount to Rs 29,805 per 10 gram as against Rs 29,640 previously.

While, silver (.999 fineness) closed unchanged from its Friday's level of Rs 37,825 per kg.

Globally, gold prices hit 17-month lows, losing out to the US treasuries and a stronger dollar as investors sought refuge from a financial market rout triggered by a crashing Turkish lira.

Spot gold had dropped 0.8 per cent to USD 1,201.54 an ounce at early trade, its lowest since March 2017.

Silver slipped 0.3 per cent to USD 15.23 an ounce.