Gold firms up on global cues,silver recovers

Standard gold rose by Rs 80 to close at Rs 29,300 per 10 gm from Monday's closing level of Rs 29,220.

Written by Agencies | Mumbai | Published: July 17, 2012 8:15:30 pm

Gold prices moved up further at the domestic bullion market today amid good demand from investors and traders and firm global cues.

Silver also recovered after a two-day slide on the back of fresh speculative buying and rise in industrial demand.

Standard gold (99.5 purity) rose by Rs 80 to close at Rs 29,300 per 10 gm from Monday’s closing level of Rs 29,220.

Pure gold (99.9 purity) gained by Rs 70 to finish at Rs 29,425 per 10 gm from Rs 29,355.

Silver ready (.999 fineness) also surged by Rs 305 per kg to end at Rs 52,860 from Rs 52,555 yesterday.

In Europe,gold prices climbed on firmer euro as well as investors anticipation of further monetary stimulus from Federal Reserve after weak US retail sales data.

Spot gold was bid higher at USD 1,595.19 an ounce in early trade and silver at USD 27.49 an ounce.

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