Gold and silver prices recovered on Saturday on the bullion market on the heels of the dollar gaining further in the global market on Friday night.

A surge in the dollar value means gold imports would be costlier.

This was factored in by the market on Saturday.

However, the rupee could recover some of its losses.

Ornament gold (99.5 per cent) purity increased by Rs 40 for 10 gm to Rs 29,980.

Pure gold gained Rs 45 for gram at Rs 30,120 for 10 gram.

Silver, too, gained in tune with gold.

It increased by Rs 90 for a kg to Rs 53,810.

NW-18 reports: Domestic gold futures may see a weak trend next week as the pullback in rupee from record lows may weigh on prices even as prices globally are seen steady with upward bias.

Silver futures on COMEX, which hit its lowest level since November Friday, are likely to see some more weakness on continued demand concerns.

On MCX, benchmark gold contract may fall to Rs 29,200, while silver prices can test the near-term support level of Rs 51,600 a kg.

BULLION RATE

MUMBAI: Bar Silver Rs 53,810 a kg; standard gold (99.5% purity) Rs 29,980 for g; pure gold (99.(% purity) Rs 30,120 for 10 gm.

CHENNAI: Bar silver Rs 53,315 a kg; Retail silver Rs 57.10/g; standard gold Rs 30,200/10g; 22-carat retail ornament gold Rs 2,824/g.

(This article was published on June 23, 2012)
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