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Rediff News  All News  » Business » Gold recovers on fresh demand; silver strengthens

Gold recovers on fresh demand; silver strengthens

January 31, 2013 19:01 IST

Gold prices recovered moderately after its overnight five-month slide at the bullion market on fresh stockists' and retail buying, also supported by higher global cues.

Silver also strengthened to revisit 59K-per kg level owing to heavy speculative off-take.

Standard gold of 99.5 per cent purity rose by Rs 125 per 10 gm to end at Rs 30,335 from Wednesday's closing level of Rs 30,210.

Pure gold of 99.9 per cent purity gained by Rs 120 per 10 gm to close at Rs 30,470 from Rs 30,350.

Silver ready (.999 fineness) climbed by Rs 655 to finish at Rs 59,070 per kg as against Rs 58,415 on Wednesday.

On the global front, gold rose sharply on safe haven buying amid US Federal Reserve's pledge to continue its aggressive easing policy measures and reports of dip in US growth.

In New York, gold for February delivery shot up $18.90 to $1,679.90 an ounce on the Comex division of the NYMEX late Wednesday.

Silver for March contract surged 99 cents to $32.18 an ounce.

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