Gold strengthens on sustained demand, silver recovers

Gold rose by Rs 45 to finish at Rs 29,435 per 10 grams at the bullion market here today following sustained demand from stockists and retailers.
Silver recovered marginally by Rs 20 to Rs 38,695 per kg on renewed offtake from industrial units.
Standard gold (99.5 per cent purity) advanced by Rs 45 to close at Rs 29,435 per 10 grams from Tuesday's closing level of Rs 29,390.
Pure gold (99.9 per cent purity) also moved up by the same amount to close at Rs 29,585 per 10 grams compared to Rs 29,540 earlier.
Silver (.999 fineness) rose by Rs 20 to conclude at Rs 38,695 per kg as against Rs 38,675 yesterday.

Overseas, gold prices edged down early today after hitting a 3-1/2-month high, as the dollar recovered from its lows and technical indicators pointed to a short-term correction.

Spot gold fell to USD 1,312.35 an ounce in early European trade. The precious metal earlier hit USD 1,321.33, its highest level since September 15.
US gold futures were mostly unchanged at USD 1,315.60 an ounce.
Among other precious metals, spot silver fell to USD 17.05 an ounce, after hitting a six-week high at USD 17.21 earlier in the session.