Gold prices recovered on Friday after a three-session loss at the domestic bullion market on Friday on fresh off-take from stockists and traders as well as low-level buying interest on the back of higher global cues. Silver too regained on hectic speculative demand amid industrial buying.
Standard gold (99.5 purity) rose by Rs 240 per 10 grams to close at Rs 30,940 from Thursday’s closing level of Rs 30,700. Pure gold (99.9 purity) gained by Rs 240 per 10 grams to end at Rs 31,080 as compared to Rs 30,840. Silver ready (.999 fineness) shot up by Rs 525 per kg to finish at Rs 62,075 from Rs 61,550 previously.
In New York, gold moved up on bargain hunting and safe haven buying, finding support after the European Central Bank (ECB) cut its economic forecast. Gold for February delivery climbed up by $8 to $1,701.80 an ounce on the Comex division of the NYMEX. Silver for March contract added 16 cents to $33.11 an ounce.
In London, Gold swung between gains and losses near $1,700 an ounce as the greenback rose and amid speculation of more central bank stimulus. The yellow metal added 14 cents to $1,700.04 an ounce after rising 0.2 per cent earlier in the day and came down by 0.9 per cent. On the other hand, silver lost 0.2 per cent to $32.97 an ounce.
The dollar reached a one-week high versus the euro after the Bundesbank lowered its 2013 forecast for economic expansion in Germany, following the European Central Bank’s euro-area downgrade on Thursday.
Standard gold (99.5 purity) rose by Rs 240 per 10 grams to close at Rs 30,940 from Thursday’s closing level of Rs 30,700. Pure gold (99.9 purity) gained by Rs 240 per 10 grams to end at Rs 31,080 as compared to Rs 30,840. Silver ready (.999 fineness) shot up by Rs 525 per kg to finish at Rs 62,075 from Rs 61,550 previously.
In New York, gold moved up on bargain hunting and safe haven buying, finding support after the European Central Bank (ECB) cut its economic forecast. Gold for February delivery climbed up by $8 to $1,701.80 an ounce on the Comex division of the NYMEX. Silver for March contract added 16 cents to $33.11 an ounce.
In London, Gold swung between gains and losses near $1,700 an ounce as the greenback rose and amid speculation of more central bank stimulus. The yellow metal added 14 cents to $1,700.04 an ounce after rising 0.2 per cent earlier in the day and came down by 0.9 per cent. On the other hand, silver lost 0.2 per cent to $32.97 an ounce.
The dollar reached a one-week high versus the euro after the Bundesbank lowered its 2013 forecast for economic expansion in Germany, following the European Central Bank’s euro-area downgrade on Thursday.