Sharp recovery in gold and silver prices on higher global cues

Precious metals recovered sharply on the bullion market here on Friday on fresh stockists buying on the back of overnight rise in New York market.
     
Good industrial demand on hopes of industrial growth following political stabilty after the election boosed the prices of silver, a dealer said.
     
Gold prices rose in New York yesterday on upbeat report on US jobless claims and hopes for an economic recovery. Gold for June delivery rose by USD 16.70 an ounce to USD 981.20 an ounce. Silver for July gained by 58.5 cents to USD 15.895 an ounce.
     
However, gold prices fell in London today as a stronger dollar reduced the appeal of the metal as an alternative investment. Gold for immediate delivery lost USD 4 an ounce to USD 976.25. Silver for immediate delivery eased to USD 15.655 an ounce.
     
Turning to the domestic market, Standard gold (99.5 purity) firmed up by Rs 120 per ten grams to Rs 14,880 from Rs 14,760 previously.
     
Pure gold (99.9 purity) also hardened by a similar margin to Rs 14,950 from Rs 14,830 on Thursday.
     
Silver ready (.999 fineness) shot up by Rs 305 per kilo to Rs 23,570 from Rs 23,265 previously.