Gold reclaims Rs 30k level; silver recovers on global cues

Image
Press Trust of India Mumbai
Last Updated : May 16 2016 | 6:07 PM IST
Gold prices recovered by Rs 190 per ten grams at the bullion market here today on fresh buying by jewellers and retailers to meet wedding season demand amid firm global cues.
Elsewhere, silver too attracted increased buying support from industrial units and surged Rs 510 per kg.
Standard gold (99.5 purity) climbed by Rs 190 to end at Rs 30,070 per 10 grams against last Friday's closing level of Rs 29,880.
Pure gold (99.9 purity) also added a similar margin to settle at Rs 30,220 per 10 grams from Rs 30,030 earlier.
Silver (.999 fineness) shot up by Rs 510 to finish at Rs 41,505 per kg from Rs 40,995 previously.
On the global front, gold prices rose as stock markets eased after soft Chinese data, boosting interest in the metal as an alternative asset, and as the dollar weakened against the euro.
Spot gold was up 0.6 percent at USD 1,281.11 an ounce in early trade, while U.S. Gold futures for June delivery were up USD 10.20 an ounce at USD 1,282.90.
Among other precious metals, silver was up 1.1 percent at USD 17.28 an ounce.
*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: May 16 2016 | 6:07 PM IST

Next Story