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Gold prices recoup on festive offtake

LiveMint logoLiveMint 03-04-2017 PTI

Mumbai: After four consecutive sessions of losses, gold prices recouped at the bullion market here today on renewed buying from stockists and jewellers amid ongoing festival season. Silver also rose owing to good industrial buying.

‘Gold is recuperating on auspicious Navratras demand, though weak trend overseas is restricting gains, a dealer said.

Standard gold (99.5 purity) gained by 110 per ten grams to close at Rs 28,735 from last Friday’s closing level of 28,625.

Pure gold (99.9 purity) also climbed by a similar margin to conclude at 28,885 from Rs 28,775 per 10 grams previously. Silver (.999 fineness) surged by 225 per kilo to finish at Rs 42,590 from Rs 42,365.

In London, Gold prices fell on a firmer dollar and as investors booked profits after bullion recorded its best quarter in a year last Friday, while speculators skewed it to downside based on rising expectation of US interest rates hike.

Also Read| Global gold prices fall on firmer dollar

Spot gold was 0.23% lower at $1,245.71 per ounce in early trade, Spot silver edged down 0.4% to $18.15 per ounce.

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