Gold recovers smartly,silver sizzles

Gold prices recovered smartly at the bullion market here on renewed buying by investors and traders amid global rally. Silver continued its onward march with hectic speculative activity on the back of rising industrial demand.

Standard gold (99.5 purity) rose by Rs 225 per 10 grams to end at Rs 22,275 from overnight closing level of Rs 22,050. Pure gold (99.9 purity) spurted by a similar margin to end at Rs 22,380 per 10 grams as compared to Rs 22,155.

Silver ready (.999 fineness) strengthened by Rs 370 per kg to conclude at Rs 54,590 from Friday’s close of Rs 54,220.

In New York,the gold for August delivery climbed by $11 to $1,541.60 an ounce at the Comex division of NYMEX,while silver for September delivery edged up to $36.54 an ounce.