Gold recovers on fresh demand

Sat, May 3 04:24 PM

Mumbai, May 3 (PTI) Gold prices recovered on fresh demand from stockists in the bullion market here today in view of higher advices from New York. Silver prices also moved up in line with the gold.

Gold futures regained some ground on Friday as participants bought back previously sold positions, a dealer said. June gold rose by USD 7.

10 to USD 858 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal rose amid "a general short covering rally in commodities," with a rise in crude oil leading the way, he added.

Silver also benefited from short covering as it followed gold. Comex July silver rose 26 cents to USD 16.

465 an ounce. In the local market, standard gold (99.

5 purity) looked up by Rs 50 per 10 grams to Rs 11,305 from Rs 11,255. Pure gold (99.

9 purity) moved up by Rs 55 to Rs 11,365 from Rs 11,310. Silver ready (.

999 fineness) also jumped by Rs 225 per kilo to Rs 22,555 from Rs 22,330. PTI.

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