Gold, silver rebound on positive global cues 

By: |
Mumbai | Published: May 26, 2016 7:43:44 PM

Gold prices recovered by Rs 55 per 10 grams at the bullion market here today, snapping its three-day falling steak, supported by demand from jewellers and retailers and a firming trend overseas.

Gold prices recovered by Rs 55 per 10 grams at the bullion market here today, snapping its three-day falling steak, supported by demand from jewellers and retailers and a firming trend overseas.

Silver also recovered by Rs 395 per kg on fresh offtake by industrial units.

Standard gold (99.5 purity) rose by Rs 55 to finish at Rs 29,065 per 10 grams from Wednesday’s closing value of Rs 29,010.

Pure gold (99.9 purity) also moved up by a similar margin to end at Rs 29,215 per 10 grams as compared to Rs 29,160 earlier.

Silver (.999 fineness) climbed by Rs 395 per kg to conclude at Rs 39,815 as against Rs 39,420 earlier.

Globally, gold edged higher as the dollar’s rally paused, moving away from a seven-week low hit in the previous session, though gains were limited by expectations US rates could rise as early as June.

Spot gold rose 0.3 percent to $1,227.20 an ounce at early trade, its biggest intra-day rise since May 17. The metal fell to the lowest since April 6 at $1,217.25 on Wednesday. US gold was up 0.2 percent at $1,226.70.

Among other precious metals, spot silver rose 0.9 percent to $16.41 an ounce.

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