Gold, silver recover on fresh buying

Gold, silver recover on fresh buying Mumbai: Both the precious metals recovered on the bullion market here Wednesday on fresh buying by stockists as well as retail investors on the back of rise in international markets.

White metal rebounded sharply on renewed industrial demand while yellow metal recovered nearly half of its overnight losses.

Silver ready (.999 fineness) spurted by Rs 315 per kg to settle at 62,120 from overnight close of Rs 61,805.

Standard gold (99.5 purity) also rose by Rs 110 per ten gram to Rs 31,200 from 31,090 previously.

Pure gold (99.9 purity) too firmed up by Rs 125 per ten gram to Rs 31,350 from Monday's close of Rs 31,225.

Hopes of third round of quantitative easing by US Fed and also lack of imports from South Africa due to labour disruptions aided the market sentiment, a dealer said.

In London, spot gold was trading up by 0.3 percent at USD 1,778.89 while silver gained 0.6 percent at USD 34.84 an ounce ahead of the release of key US employment data later this week.

PTI