Mumbai: Gold prices recovered by Rs 70 to Rs 27,900 per 10 grams at the bullion market here today largely due to fresh purchases by jewellers and retailers. Silver followed the suit and rose by Rs 95 per kg on renewed offtake from industrial units.
Standard gold (99.5 purity) moved up by Rs 70 to end at Rs 27,900 compared to Tuesday's closing level of Rs 27,830. Pure gold (99.9 purity) also rose by a similar margin to settle at Rs 28,050 per 10 grams against Rs 27,980 earlier. Silver (.999 fineness) went up by Rs 95 to end at Rs 41,610 per kg as against Rs 41,515 yesterday.
Globally, gold hovered at slightly firmer levels, as investors kept to the sidelines, confident that the US central bank will hike rates, but unsure about guidance for next year.
Spot gold was up 0.3 per cent at USD 1,161.51 an ounce in early trade and US gold futures added 0.4 percent to USD 1,163.80. Elsewhere, silver was also up 0.9 per cent at USD 17.05 per ounce after falling nearly 1 per cent in the previous session.
