Silver recovers, gold steady

Sat, Apr 26 04:32 PM

Mumbai, Apr 26 (PTI) Silver prices recovered on the bullion market here today on renewed industrial demand coupled with mild stockists buying on the back of strong global cues. Gold, however, ruled steady in the absence of market moving factors.

In New York, comex July silver rose by 19 cents to 16.9580 dollar an ounce. Gold futures ended flat after spending much of Friday's trading session modestly higher on support from rising oil prices.

June gold rose 30 cents to 889.70 dollar after an intra day high of 899 dollar an ounce on the Comex division of the New York Mercantile Exchange. The metal managed to hang on to positive territory after erasing much of "a very unenthusiastic rally," a dealer said.

The rising oil prices renewed inflation concerns, which supported gold, the dealer added. Turning to the local market, silver ready (.

999 fineness) firmed up by Rs 70 per kilo to 22,845 from Rs 22,775. Standard gold (99.5 purity) and pure gold (99.9 purity) both closed unaltered at Rs 11,550 and Rs 11,610 respectively.

PTI.

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