Gold prices smartly recovered after yesterday’s fall at the domestic bullion market here today following renewed buying from jewellery stockists and retailers amidst higher global cues.
Elsewhere, silver also rebounded owing to fresh speculative buying amidst good industrial offtake.
Gold and jewellery establishments in many parts of the country remained closed today for the second day as traders protested against a budgetary proposal to levy 1 per cent excise duty on jewellery.
Standard gold (99.5 purity) climbed by Rs 135 to close at Rs 28,845 per 10 grams from Wednesday’s level of Rs 28,710.
Pure gold (99.9 purity) also moved up by a similar margin to finish at Rs 28,995 per 10 grams from Rs 28,860.
Silver (.999 fineness) rose by Rs 125 per kg to conclude at Rs 36,675 against Rs 36,550 previously.
Globally, Gold edged back above USD 1,240 an ounce early today as equity markets retreated, sharpening appetite for the metal as an alternative asset, but moves were muted ahead of Friday’s key US payrolls data.
Spot gold was up USD 1,242.06 an ounce early European trade, while silver was down at USD 14.95.