Gold recovers on strong cride oil, base metal

Mon, May 5 05:45 PM

New Delhi, May 5 (PTI) Gold prices recovered by Rs 35 to Rs 11,525 per 10 gram on the bullion market here today as higher crude oil prices in the Asian market and increased base metal gains enhanced the precious metal's appeal as a hedge against inflation. However, silver prices fell on reduced demand.

The trading sentiment was also boosted by the emergence of buying by stockists in the domestic market, influenced by a firm trend in Asian markets, besides the ongoing marriage season demand. Prices of the precious metal in Asia recovered after falling to a four-month low as crude oil rallied above 116 dollar a barrel and base metals continued to gain .

In Singapore, the bullion for immediate delivery gained 7.99 dollar to 864.

45 dollar an ounce and silver was up 1.6 per cent at 16.

665 dollar an ounce. Standard gold and ornaments gained Rs 35 each to Rs 11,520 and Rs 11,370 per 10 gram respectively.

Sovereign was unchanged at Rs 9,825 per piece of eight gram. On the other hand, silver fell in domestic markets here as stockists and industrial units refrained from buying at existing higher levels.

Silver ready dropped by Rs 289 to Rs 22,120 per kg in continuation to a steep fall of Rs 210 on Saturday. Silver weekly-based delivery fell by Rs 370 to Rs 22,470 per kg.

Silver coins, on the other hand gained Rs.100 at Rs.

26,200 for buying and Rs.26,600 for selling of 100 pieces.

PTI.

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