Gold recovers on modest buying, silver dips

MUMBAI: Gold prices recovered at domestic bullion market today on modest offtake by traders amid slight local buying interest at the existing lower levels due to ongoing marriage seasons.

Silver dipped further on the back of steady speculative selling as well as subdued industrial demand.

Standard gold (99.5 purity) gained by Rs 70 to end at Rs 31,065 per 10 grams from Wednesday's closing level of Rs 30,995.

Pure gold (99.9 purity) also went up by a similar margin to conclude at Rs 31,215 per 10 grams from Rs 31,145.

However, silver ready (.999 fineness) fell by Rs 105 to finish at Rs 48,565 per kilo from Rs 48,670 previously.

Overseas, gold extended gains after US Federal Reserve chairman nominee Janet Yellen suggested that central bank would continue with monetary stimulus measures.

In London, spot gold bid higher USD 1,283.60 an ounce in early trade and silver bid up at USD 20.75 an ounc.