Gold & Silver

Gold edges up; silver recovers on renewed buying

PTI Mumbai | Updated on May 15, 2014

Gold prices rose modestly after a three-session downtrend at the domestic bullion market due to renewed offtake by jewellery stockists and retail investors following firming overseas trend.

Silver also rebounded on the back of fresh industrial buying support coupled with speculative build—up.

Standard gold (99.5 purity) moved up by Rs 30 to conclude at Rs 29,515 per 10 grams from last Wednesday’s closing level of Rs 29,485.

Pure gold (99.9 purity) also gained by a similar margin to finish at Rs 29,665 per 10 grams from Rs 29,635.

Silver (.999 fineness) jumped by Rs 280 to end at Rs 42,720 per kg as compared to Rs 42,440 previously.

On the global front, the shiny metal reclaimed the key psychological $1,300 an ounce mark on falling equities as well as geopolitical uncertainty.

Gold for June delivery spiked to settle at $1,305.90 an ounce on Comex division of the NYMEX late yesterday, while silver July contact spurted to end at $19.78 an ounce.

Published on May 15, 2014

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