Gold price recovers slightly; silver rises on speculation
Mumbai-India (Aug 29) Gold prices recovered slightly at the domestic bullion market here on mild demand from jewellary stockists and low level local buying interest, also supported by better International markets.
Silver also rose to to reclaim the Rs35,000 per kg level on good speculative offtake and industrial demand.
Standard gold (99.5 purity) moved up by Rs30 to close at Rs26,270 per 10 grammes from Thursday’s closing level of Rs26,240.
Pure gold (99.9 purity) also added by a similar margin to end at Rs26,420 per 10 grammes as against Rs26,390 previously.
Silver (.999 fineness) climbed by Rs370 a kg to close at Rs35,085 as compared to Rs34,715 on Wednesday.
On the global front, gold edged up in early European trade, but was still on track to post its biggest weekly drop in five as strong US economic data supported the case for a near-term increase in interest rates.
In London, spot gold dropped to $1,126.86 an ounce in early trade, while spot silver declined to $14.40 an ounce. On Thursday, gold prices slid at the domestic bullion market here on steady selling by stockists and investors amid poor local buying interest coupled with uncertain global markets.
Silver also weakened on Thursday to over two week lows to revisit Rs 34,000 per kg level on persistent speculative selling and subdued industrial demand.
Source: GulfToday.ae
