Gold, silver recover on renewed demand

MUMBAI: Both gold and silver recovered at the domestic bullion market here today on renewed demand from stockist and retailers following steady global cues.

The yellow metal turned positive after snapping four straight sessions of losing streak on fresh demand from investors. Silver also recouped owing to heavy speculative offtake coupled with good industrial buying support.

Standard gold (99.5 purity) climbed by Rs 65 to close at Rs 27,705 per 10 grams from Thursday's closing level of Rs 27,640.

Pure gold (99.9 purity) also moved up by a similar margin to conclude at Rs 27,855 per 10 grams from Rs 27,790.

Silver (.999 fineness) rose by Rs 210 to finish at Rs 38,840 per kg as compared to Rs 38,630 previously. On the global front, gold was trading steady in early trade as the impact of lower European shares offset a firmer dollar ahead of crucial US employment data.

A strong USjobs number for January would strengthen expectations for the Federal Reserve to raise interest rates by mid-year. Weaker-than-expected data could weigh on the dollar, boosting bullion prices.

Spot gold was unchanged at USD 1,265 in early European trade and silver fell to USD 17.25 an ounce.