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This is an archive article published on March 6, 2012

Gold recovers on fresh demand,silver dips

Gold of 99.5% purity gained by Rs 90 to close at Rs 27,805 per 10 grams.

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Gold prices recovered modestly at the domestic bullion market today on renewed demand from stockists as well as stray local buying interest at lower levels,despite a fall in overseas market.

While,silver slid further owing to persistent speculative selling amid poor industrial demand.

Standard gold of 99.5 per cent purity gained by Rs 90 to close at Rs 27,805 per 10 grams from Monday’s closing level of Rs 27,715.

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Pure gold of 99.9 per cent purity also went up by a similar margin to finish at Rs 27,935 per 10 grams from Rs 27,845.

Silver ready (.999 fineness) fell by Rs 395 per kg to conclude at Rs 57,745 from yesterday’s closing level of Rs 58,140.

In New York,gold extended its losses as negative data from Europe,China and US weighed on the sentiment.

Gold for April delivery declined by USD 5.90 to USD 1,703.90 an ounce on the Comex division of the NYMEX late yesterday.

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Silver for May contract fell by 87 cents to USD 33.69 an ounce.

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