Gold reclaims Rs 30k level as silver recovers on global cues
Gold prices recovered by Rs 190 per ten grams at the bullion market here today on fresh buying by jewellers and retailers to meet wedding season demand amid firm global cues.business Updated: May 16, 2016 19:44 IST
Gold prices recovered by Rs 190 per ten grams at the bullion market in Mumbai on Monday on fresh buying by jewellers and retailers to meet wedding season demand amid firm global cues.
Elsewhere, silver too attracted increased buying support from industrial units and surged Rs 510 per kg.
Standard gold (99.5 purity) climbed by Rs 190 to end at Rs 30,070 per 10 grams against last Friday’s closing level of Rs 29,880.
Pure gold (99.9 purity) also added a similar margin to settle at Rs 30,220 per 10 grams from Rs 30,030 earlier.
Silver (.999 fineness) shot up by Rs 510 to finish at Rs 41,505 per kg from Rs 40,995 previously.
On the global front, gold prices rose as stock markets eased after soft Chinese data, boosting interest in the metal as an alternative asset, and as the dollar weakened against the euro.
Spot gold was up 0.6% at $1,281.11 an ounce in early trade, while US gold futures for June delivery were up $10.20 an ounce at $1,282.90.
Among other precious metals, silver was up 1.1% at $17.28 an ounce.