Gold recovered smartly on the bullion market due to fresh buying by stockists amidst sharp gain in global markets.
Silver also firmed up further on sustained demand from industrial users driven by higher overseas advices.
Gold futures in New York, rose two per cent on Friday to end above USD 950 an ounce, as the US dollar weakened after the release of US gross-domestic-product data, which fell at a one per cent annualized rate in the second quarter smaller than economists had expected, raising gold’s appeal as an alternative investment.
August gold futures rose by USD 18.80 or two per cent to USD 953.70 an ounce on the Comex division of the New York Mercantile Exchange.
September silver gained by 45.5 cents or 3.4 per cent to USD 13.94 an ounce.
Moving to the domestic market, standard gold (99.5 purity) strengthened by Rs 160 per ten grams to Rs 14,860 from yesterday’s closing level of Rs 14,700.
Pure gold (99.9 purity) also hardened by Rs 155 to Rs 14,930 as against Rs 14,775 previously.
Silver ready (.999 fineness) rose by Rs 160 per kilo to Rs 22,890 from Rs 22,730 yesterday.