Gold price recovers as demand hardens, silver retraces Rs 40k-level
Mumbai-India (May 17) Gold prices recovered smartly at the domestic bullion market here on Saturday on fresh buying by jewellery stockists and retailers amid ongoing seasonal demand on the back of firm global cues.
Silver shot up and retraced the Rs 40,180 per kg level after 3-1/2 mths on heavy speculative buying, coupled with sustained industrial offtake.
Silver had last touched Rs 40k-level and ended at Rs 40,040 as on January 28, 2015.
Standard gold (99.5 purity) climbed Rs 155 to close at Rs 27,445 per 10 grams from Friday's closing level of Rs 27,290.
Pure gold (99.9 purity) also rose a similar margin to close at Rs 27,595 per 10 grams from Rs 27,440 earlier.
Silver (.999 fineness) surged Rs 295 to end at Rs 40,180 per kg as against Rs 39,885 on Friday.
On the global front,the yellow metal turned higher during Friday's final minutes of trading to climb in a flash for the session and tally a more than 3 per cent gain for the week.
Prices found support from a weaker US dollar as investors assessed the latest economic data and their influence on the metal's investment appeal.
Gold for June delivery settled at $1,225.30 an ounce on the comex division of the NYMEX late yesterday while the silver July contract added $17.563 an ounce.