Gold recovers on good demand, silver also gains

MUMBAI: Gold prices recovered from its three-day fall at the bullion market here today on renewed demand from stockists and traders amid good seasonal jewellery buying interest at the existing lower levels.

Silver also gained moderately on fresh speculative offtake.

Standard gold (99.5 purity) climbed by Rs 110 to end at Rs 31,510 per 10 gm from Monday's closing level of Rs 31,400.

Pure gold (99.9 purity) also rose by Rs 105 to finish at Rs 31,645 per 10 gm from Rs 31,540 yesterday.

Silver ready (.999 fineness) moved up by Rs 250 per kg to close at Rs 61,750 as against Rs 61,500 previously.

In Europe, gold gained amid IMF data showing increase in bullion holdings different central banks of the globe led by South Korea and Paraguay.

Spot gold was bid up at $ 1,767.89 an ounce in early trade and silver also bid higher at $ 34.03 an ounce.