Mumbai: Gold prices recovered smartly after the overnight fall at the domestic bullion market here on January 31 on fresh demand from jewellery stockists and traders amid renewed local buying interest at the existing lower level to meet the seasonal demand on the back of higher global cues. Silver also recouped sharply owing to robust speculative and industrial demand.
Standard gold (99.5 purity) climbed by Rs 335 to finish at Rs 28,025 per 10 grams from the Friday's closing level of Rs 27,690. Pure gold (99.9 purity) also moved up by a similar margin to close at Rs 28,175 per 10 grams as compared to Rs 27,840 previously.
Silver (.999 fineness) also shot-up by Rs 560 to finish at Rs 38,760 per kg as against Rs 38,200 on January 30. At the overseas market, gold rebounded on January 30 in response to a report stating weaker-than-expected U.S economic growth, closing out January at 8 per cent higher, its best monthly percentage gain since January 2012. Gold February delivery rallied USD 1,278.50 an ounce on the Comex division of the NYMEX late yesterday and March silver contract gained USD 17.21 an ounce.
