Gold recovers on fresh stockists buying
Gold prices rebounded at the domestic bullion market today due to renewed demand from jewellery stockists and retail consumers. Moving with the general trend, silver also rallied supported by frantic speculative buying. Standard gold (99.5 purity) rose by `. 125 to end at `. 28,350 per 10 grams from overnight closing level of `. 28,225.
Pure gold (99.9 purity) climbed by `. 130 to conclude at `. 28,500 per 10 grams as compared to `. 28,370. Silver (.999 fineness) jumped by `. 425 per kg to finish at `. 45,510 per kg against Monday’s level of `. 45,085. On the global front, the yellow—metal mostly traded in a narrow range while holding its recent gains on investment hedge as investors continued to monitor geopolitical developments despite robust US macro data.
Gold for August delivery settled marginally higher at $1,318.40 an ounce on the Comex division of NYMEX late yesterday, while silver softened to $20.92 an ounce.
Source: Bullion Bulletin