Gold prices recover as buying spikes

Mumbai-India (Jan 16)  Gold prices recovered smartly and reclaimed the Rs29,000-mark at the bullion market in Mumbai on Monday taking positive cues from global market amid pick up in buying by jewellers to meet wedding season demand.

Elsewhere, silver also recouped following renewed offtake from industrial users. Standard gold (99.5 purity) climbed by Rs140 to end at Rs29,030 per 10 grams from last Friday’s closing level of Rs28,890.

Pure gold (99.9 purity) also rose by a similar margin to close at Rs29,180 per 10 grams as compared to Rs29,040 previously. Silver (.999 fineness) gained by Rs120 per kg to finish at Rs41,375 from Rs41,255 last weekend.

Globally, gold rose, buoyed by safe-haven demand due to uncertainty over US policy ahead of President-elect Donald Trump’s inauguration and amid concerns over Britain’s exit from the European Union.

Spot gold had risen 0.5% to $1,203.15 per ounce in early trade. Spot silver rose 0.4% to $16.84 an ounce.

Source: LiveMint