Gold and silver prices recover on renewed demand in Mumbai

India (Nov 22)  Gold prices recovered by Rs80 per 10 grams at the bullion market in Mumbai on Wednesday following renewed demand from stockists and investors amid higher global cues.

Silver too recouped marginally owing to mild offtake by industrial units and coin makers. Standard gold (99.5 purity) rose by Rs80 to finish at Rs29,440 per 10 grams from Tuesday’s level of Rs29,360. Pure gold (99.9 purity) also advanced by the same amount to close at Rs29,590 per 10 grams as against Rs29,510 earlier.

Silver (.999 fineness) moved up by Rs15 per kg to conclude at Rs39,305 compared to Rs39,290 previously. Globally, gold prices rose early on Wednesday, helped by a weaker dollar ahead of the release of minutes from the latest US Federal Reserve meeting that could hint at the pace of future interest rate rises.

Spot gold was up at $1,283.51 an ounce in early European trade and silver was up at $17.01 an ounce.

LiveMint