Gold recovers on renewed buying, silver gains

Gold prices recovered at the domestic bullion market here today, on fresh demand from stockists and investors even as the metal weakened overseas.
Silver too bounced Rs 165 per kg on increased offtake by industrial units.
Standard gold (99.5 purity) moved up by Rs 70 to close at Rs 29,475 per 10 grams from Monday's closing level of Rs 29,405.
Pure gold (99.9 purity) also rose by a similar margin to end at Rs 29,625 per 10 grams as against Rs 29,555 previously.
Silver (.999 fineness) gained Rs 165 per kg to close at Rs 39,585 as compared to Rs 39,420 earlier.

Globally, gold dipped as investors nervously awaited news on the new head of the US central bank while strong share markets and a calmer geopolitical environment sapped safe- haven demand.
Spot gold slipped 0.2 per cent to USD 1,279.01 an ounce at early trade, after hitting its lowest since October 6 at USD 1,271.86 in the previous session.
In other precious metals, silver was up 0.2 per cent to USD 17.08 an ounce after hitting its lowest since October 9 in the previous session.