Gold price gains on festive off-take,silver recovers

Standard gold rose by Rs 160 to end at Rs 29,445 per 10 grams.

Written by Agencies | Mumbai | Published: July 24, 2012 6:56:44 pm

Gold prices firmed up further at the domestic bullion market today on sustained stockists’ and investors’ demand on the back of forthcoming festive seasonal off-take,despite bearish global cues.

Silver recovered owing to good speculative buying amid renewed industrial demand.

Standard gold (99.5 purity) rose by Rs 160 to end at Rs 29,445 per 10 grams from Monday’s closing level of Rs 29,285.

Pure gold (99.9 purity) also advanced by Rs 155 to close at Rs 29,570 per 10 grams from Rs 29,415.

Silver ready (.999 fineness) gained by Rs 165 per kg to finish at Rs 52,825 as compared to Rs 52,660 yesterday.

In Europe,gold prices declined on falling euro after Moody’s negative outlook,coupled with weak economic data of Euro-zone biggest economy Germany.

Spot gold bid lower at USD 1,574.40 an ounce in early trade and silver also bid down at USD 26.93 an ounce. PTI PAK

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