Gold recovers, silver rules stable

Gold recovered marginally at the bullion market here today on mild demand from stockists and retailers even as the metal weakened overseas.

Silver, however, held steady at Rs 40,160 per kg on scattered buying by consuming industries.

Standard gold (99.5 purity) rose by Rs 60 to close at Rs 31,315 per 10 grams from Thursday's finish of Rs 31,255.

Pure gold (99.9 purity) also gained by the same amount to settle at Rs 31,465 per 10 grams as compared to Rs 31,405 earlier.

However, silver (.999 fineness) closed unchanged from yesterday's level of Rs 40,160 per kg.

Globally, gold prices inched lower and were headed for the first weekly decline in three as expectations of higher US interest rates and easing political tensions on the Korean Peninsula and Syria weighed on demand for the safe-haven asset.

Spot gold was down 0.3 per cent at USD 1,341.33 an ounce at early trade.

Among other precious metals, spot silver was down 0.1 per cent at USD 17.19.