Gold price recovers modestly on fresh demand, silver slips

Last Updated: Saturday, March 8, 2014 - 15:37

Mumbai: Gold prices recovered modestly here Saturday on fresh local buying interest in view of wedding season.

On the other hand, silver dropped further on heavy selling by stockists and retail investors on the back of reduced demand from industrial users as well as weak global cues.

Standard gold (99.5 purity) moved up by Rs 14 to quote at Rs 30,284 per 10 grams at 1400 hrs from yesterday's level of Rs 30,270.

Pure gold (99.9 purity) edged up by Rs 5 to Rs 30,365 per 10 grams as against Rs 30,360 yesterday, according to Riddisiddhi Bullions Ltd.

However, silver (.999 fineness) slumped by Rs 769 to Rs 45,881 per kg at 1400 hrs from Rs 46,650 previously.

Globally, gold settled lower after a closely watched jobs report signalled stronger-than-expected employment trends in US, lowering the metal's investment appeal.

Gold for April delivery fell by USD 13.60 to settle at USD 1,338.20 an ounce on the Comex division of the NYMEX late yesterday and May silver contract tanked 65 cents to settle at USD 20.93 an ounce.


First Published: Saturday, March 8, 2014 - 15:35

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