Gold recovers on fresh demand

Written by Agencies | New Delhi, May 31: | Updated: May 31 2008, 20:54pm hrs
Gold prices recovered by Rs 215 to close at Rs 12,405 per 10 gram on the bullion market on emergence of demand from stockists amid reports of firming global trends.

Trading gathered momentum as jewellers and stockists indulged in buying precious metal at existing lower levels.

Gold prices had fallen by Rs 840 in the last three straight sessions.

The recovery was also supported by reports precious metal in the US markets rebounded last night.

In the US, gold rose 8.80 dollars to 890.50 dollars an ounce. Silver gained 31 cents to 16.82 dollars an ounce.

A similar impact was noticed in domestic markets here.

Standard gold and ornaments shot up by Rs 215 each at Rs 12,405 and Rs 12,205 per 10 gram respectively. Sovereign held unchanged at Rs 9,975 per piece of eight gram.

Silver ready also shot up by Rs 260 to Rs 23,350 per kg and weekly-based delivery by Rs 300 to Rs 23,350 per kg.

Silver coins rose by Rs 100 to Rs 26,900 for buying and Rs 27,000 for selling of 100 pieces.