Gold, silver cover lost ground, spurt on fresh demand

Breaking its three-day losing streak, gold price recovered modestly by Rs 35 at the domestic bullion market here today on fresh buying from jewellers and retailers.
Silver, too, gained by Rs 80 per kg on mild demand from industrial units.
Standard gold (99.5 per cent purity) moved up by Rs 35 per 10 grams to end at Rs 28,380 compared with Thursday's closing level of Rs 28,345.
Pure gold (99.9 per cent purity) also rose by a similar margin to settle at Rs 28,530 per 10 grams against Rs 28,495 earlier.
Silver (.999 fineness) went up Rs 80 to end at Rs 40,790 per kg as against Rs 40,710 yesterday.

Globally, gold eased ahead of US jobs data that is expected to boost confidence in the world's largest economy and strengthen the case for the Federal Reserve to raise interest rates after buoyant factory data the previous day.

Spot gold edged 0.1 per cent lower to USD 1,169.66 an ounce in early European trade. The metal fell to its lowest since February 5 at USD 1,160.38 in the previous session and is on track for its fourth straight week of losses.
US gold futures gained 0.2 per cent to USD 1,171.60.
Silver fell 1.2 per cent to USD 16.31 an ounce.