Gold price recovers modestly on wedding off-take, silver slips

Dec 14 2012, 20:08 IST
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Gold price recovers modestly on wedding off-take, silver slips (Agencies) Gold price recovers modestly on wedding off-take, silver slips (Agencies)
SummarySilver, however, fell further due to speculative selling amid lower industrial demand.

Gold prices recovered modestly at the domestic bullion market today on renewed stockist as well as local buying interest at the existing lower levels in the back of ongoing wedding season.

Silver, however, fell further due to speculative selling amid lower industrial demand.

Standard gold (99.5 purity) rose by Rs 85 per 10 gm to close at Rs 30,930 from Thursday's closing level of Rs 30,845.

Pure gold (99.9 purity) climbed by Rs 80 per 10 gm to conclude at Rs 31,060 as compared to Rs 30,980.

However, silver ready (.999 fineness) dropped by Rs 180 per kg to finish at Rs 61,760 from Rs 61,940 yesterday.

In New York, the precious metals slumped on heavy speculative sell-off following US Federal Reserve's extension of monetary stimulus amid strong dollar.

Gold for February delivery was down by USD 21.10 to USD 1,696.80 an ounce on the Comex division of the NYMEX late yesterday.

Silver for March contract tumbled USD 1.43 to USD 32.36 an ounce.

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