Gold prices recovered on the bullion market here today on fresh buying by stockists as well as on festive demand amid higher New York advices, while silver prices declined due to sustained selling by stockists.
Gold futures erased losses on Friday, ending back above USD1,000 an ounce, as the US dollar weakened against the euro, boosting the metal's appeal as an alternative investment.
Gold for December delivery rose by USD3.60 to USD1,004.30 an ounce on the Comex Division of the New York Mercantile Exchange. However, silver for December delivery lost by 21 cents to end at USD16.23 an ounce.
Turning to the local market, standard gold (99.5 purity) firmed up by Rs45 per ten grams to Rs15,635 from Rs15,590.
Pure gold (99.9 purity) also rose by Rs50 per ten grams to Rs15,715 as against Rs15,665. However, silver ready (.999 fineness) fell by Rs55 per kilo to Rs26,390 from Rs26,445 previously.
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