Silver price recovers, gold price steady

Mumbai-India (May 29)  Silver prices recovered moderately on renewed industrial demand coupled with higher global cues while gold ruled steady in the absence of local demand on the bullion market here today.

 Silver ready (.999 fineness) recovered by Rs 120 per kilo to close at Rs 38,715 from the yesterday's closing level of Rs 38,595.

 Standard gold (99.5 purity) ended at yesterday's closing level of Rs 26,850 per ten grams and Pure gold (99.9 purity) also finished steady at Rs 27,000.

 On the global market, gold futures settled higher yesterday putting an end to a four-session streak of declines, but recent rally in the US Dollar kept prices at more than one per cent lower week to date.

Gold for June delivery rose by USD 2.50 to settle at USD 1,188.10 an ounce on the Comex while August contract closed at USD 1,188.80, up USD 2.30.

 July silver also added 2.20 cents to USD 16.669 an ounce.

Source: Business-Standard