Gold recovers marginally on global cues, silver rebounds

Gold prices recovered marginally at the domestic bullion market here today on mild demand from jewellery stockists and retailers, amid firm global cues.

Silver also staged a recovery, climbing Rs 260 per kg on emergence of buying by industrial units.

Standard gold (99.5 purity) rose by Rs 5 to close at Rs 28,640 per 10 grams from last Friday's level of Rs 28,635.

Pure gold (99.9 purity) also moved up by a similar margin to end at Rs 28,790 per 10 grams against Rs 28,785 previously.

Silver (.999 fineness) gained Rs 260 per kg to finish at Rs 39,640 compared to Rs 39,380 earlier.

Globally, gold edged higher after its biggest weekly rise in five weeks, with political turmoil in the United States fuelling demand for bullion as a safe haven and reducing expectations of aggressive US interest rate rises this year.

Spot gold was up 0.1 per cent at USD 1,255.96 an ounce at early trade.

In other precious metals, silver was up 0.9 per cent at USD 16.96 an ounce, having touched USD 17.13 an ounce, its highest since May 1.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)