Mumbai: Gold prices recovered at the domestic bullion market in Mumbai on Tuesday, on fresh demand from stockists and investors even as the metal weakened overseas.
Silver too bounced Rs165 per kg on increased offtake by industrial units. Standard gold (99.5 purity) moved up by Rs70 to close at Rs29,475 per 10 grams from Monday’s closing level of Rs29,405. Pure gold (99.9 purity) also rose by a similar margin to end at Rs29,625 per 10 grams as against Rs29,555 previously.
Silver (.999 fineness) gained Rs165 per kg to close at Rs39,585 as compared to Rs39,420 earlier. Globally, gold dipped as investors nervously awaited news on the new head of the US central bank while strong share markets and a calmer geopolitical environment sapped safe-haven demand.
Spot gold slipped 0.2% to $1,279.01 an ounce at early trade, after hitting its lowest since 6 October at $1,271.86 in the previous session. In other precious metals, silver was up 0.2% to $17.08 an ounce after hitting its lowest since 9 October in the previous session.