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Gold recovers, silver firms up despite global fall

Press Trust of India  |  Mumbai 

prices recovered by Rs 115 to Rs 30,945 per ten grams at the market here due to fresh demand from stockists and retailers despite bearish global cues.

Traders said, fresh buying by local jewellers to meet the demand at domestic spot market led to the recovery in prices, but a weak trend overseas capped the gains.

Elsewhere, silver prices gained by Rs 200 to Rs 39,795 per kg owing to rising offtake from industrial units.

Standard (99.5 per cent purity) rose by Rs 115 to end at Rs 30,945 per 10 grams from Thursday's closing level of Rs 30,830.

Pure (99.9 per cent purity) also moved up by a similar margin to close at Rs 31,095 per 10 grams as against Rs 30,980 yesterday.

Silver (.999 fineness) climbed by Rs 200 to finish at Rs 39,795 per kg compared to Rs 39,595 previously.

Globally, gold prices dipped, weighed down by a firmer dollar, but some traders said signs pointed to a rebound.

Spot gold was down at USD 1,286.56 per ounce in early European trade, after hitting its lowest since December 27 in the previous session at USD 1,285.41.

Among other precious metals, silver shed 0.2 per cent to USD 16.39 an ounce.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, May 18 2018. 19:40 IST