Gold recovers on renewed demand, silver drops

By: | Published: February 29, 2016 6:15 PM

Gold prices recovered at the bullion market here today on renewed buying interest from jewellery stockists and retailers amid bullish global cues.

gold rateGold prices recovered at the bullion market here today on renewed buying interest from jewellery stockists and retailers amid bullish global cues. (Reuters)

Gold prices recovered at the bullion market here today on renewed buying interest from jewellery stockists and retailers amid bullish global cues.

However, silver dropped further on the back of hectic unwinding from speculative traders owing to reduced industrial demand.

Standard gold (99.5 purity) climbed by Rs 70 to end at Rs 29,150 per 10 grams from last Friday’s level of Rs 29,080.

Pure gold (99.9 purity) also rose by a similar margin to close at Rs 29,300 per 10 grams compared to Rs 29,230.

However, Silver (.999 fineness) dipped by Rs 680 per kg to conclude at Rs 36,730 against Rs 37,410 previously.

Globally, gold rose 1 percent early today boosted by lower European shares and a softer dollar, leaving the metal well placed to log its best monthly performance in four years as turmoil in wider markets increased its safe-haven appeal.

Spot gold rose to USD 1,233.58 an ounce early European trade, and silver gained USD 14.81.

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