Gold recovers on good buying; silver trades bearish

Gold prices recovered moderately at the domestic bullion market today on good demand from stockists and jewellers as well as some local buying interest at the existing lower levels.
Silver continued its bearishness to ease further owing to consistent speculative selling in the absence of industrial support.
Standard gold of 99.5 per cent purity rose by Rs 220 to close at Rs 29,765 per 10 gm from Thursday's closing level of Rs 29,545.
Pure gold of 99.9 per cent purity also surged by a similar margin to finish at Rs 29,910 per 10 gm from Rs 29,690.
However, silver ready (.999 fineness) declined by Rs 75 to conclude at Rs 49,190 per kg as compared to Rs 49,265 previously.

"Good buying by jewellers were seen after four session fall backed by festive off-take, which would be at its peak in coming days," dealers said.
Overseas, gold traded in narrow range on continued investors cautiousness over budget deadlock that has triggered a partial shutdown of the US government and imminent talks to lift the US debt ceiling.
In London, spot gold was bidding lower at USD 1,315.46 an ounce in the early trade, however, silver was bid up at USD 21.62 an ounce.