Gold, silver recover on global cues, pick up in demand

New Delhi-India (May 19)   Gold prices recovered by Rs 40 to Rs 29,580 per 10 grams in the national capital today on global cues and pick up in demand from
jewellers.

Silver followed suit and ended higher by Rs 150 to Rs 41,550 per kg on increased offtake by industrial units.

Traders said the rise in prices of the precious metals was in tandem with a firming trend overseas and fresh demand from jewellers, driven by the ongoing wedding season.

However, appreciating rupee which makes imports cheaper, restricted the rise, they said.

 In the forex market, the rupee strengthened to 58.38 against the US dollar.

 Gold in London, which normally sets price trend on the domestic  front, rose 0.5 per cent to USD 1,300.40 an ounce.

 In Delhi, gold of 99.9 and 99.5 per cent purity  recovered by Rs 40 each to Rs 29,580 and Rs 29,380 per 10 grams, respectively.  It had lost Rs 560 in last two sessions.