Gold price recovers on fresh buying in the opening trade

Mumbai-India (July 23)  Gold prices recovered by 140 per ten grams to 24,960 in the opening trade on fresh buying from investors on the bullion market here today despite fall in the global market.

 Silver prices also firmed up on moderately on some industrial demand.

 Renewed buying from investors mainly boosted the market sentiment as gold prices nose-dived to touch a four-year low and closed below the key significant Rs 25,000 milestone at the bullion hub here yesterday.

 Standard gold (99.5 purity) rose by 140 per ten grams to Rs 24,960 from the yesterday's closing level of 24,820.

 Pure gold (99.9 purity) also firmed up by a similar margin of Rs 140 per ten grams to Rs 25,110 from Rs 24,970.

 Silver (.999 fineness) moved up by Rs 100 per kilo to Rs 34,735 from Rs 34,635.

 Globally, the shiny-metal plummeted further, extending its brutal sell-off for the 10th straight day on expectations that the Federal Reserve will hike interest rates at its September policy meet in the midst of robust US macro data.

 In the New York comex market, the August contract dropped by USD 12 an ounce to settle at USD 1,091.50. This was lowest settlement for a most-active contract since March 24, 2010.

 Silver for September delivery lost 5.5 cents to USD 14.73 an ounce.

Source: Business-Standard