Mumbai: Snapping its five-day losing streak, gold prices recovered modestly by Rs 30 at the domestic bullion market here today on fresh buying from jewellers and supported by international markets. Silver also rose by Rs 450 per kg on good speculative offtake and industrial demand.
Standard gold (99.5 purity) moved up by Rs 30 per 10 grams to end at Rs 29,875 compared to Friday's closing level of Rs 29,845. Pure gold (99.9 purity) also rose by a similar margin to settle at Rs 30,025 per 10 grams against Rs 29,995 earlier. Silver (.999 fineness) climbed by Rs 695 to end at Rs 43,080 per kg as against Rs 42,385 previously.
Globally, gold rebounded from its weakest week since November after downbeat US payrolls data on Friday dampened speculation of a near-term interest rate hike and Chinese buyers returned after the Golden Week holiday.
Spot gold was up 0.5 per cent at USD 1,262.22 an ounce in early European trade, while US gold futures for December delivery were up USD 12.00 an ounce at USD 1,263.90. Among other precious metals, silver was up 1.2 per cent at USD 17.72. It posted its biggest weekly drop in more than three years last week, down 8.5 per cent.
