Mumbai, May 31:  Gold prices recovered smartly at the domestic bullion market here today on good lower level buying by stockists and jewellers after its overnight losses, amid global cues. Silver also bounced back on higher speculative as well as good industrial offtake. Standard gold (99.5 purity) rose by Rs 90 to close at Rs 28,720 per 10 grams from Monday’s closing level of Rs 28,630. Also Read: Fourth tranche of Gold Bond scheme to open by June-end Also Read - Man Hides Gold Worth Rs 14 Lakh in Nail Cutters, Face Cream & Toy Cars, Seized at Chennai Airport

Pure gold (99.9 purity) also moved up by a similar margin to conclude at Rs 28,870 per 10 grams from Rs 28,780. Silver (.999 fineness)climbed by Rs 135 to end at Rs 38,985 per kg as against Rs 38,850 yesterday. Globally, gold rose, rebounding from a 3-1/2 month low hit in the previous session, but remained on track for its biggest monthly decline since November on broad strength in the dollar and growing expectations of an imminent U.S. rate hike. Also Read - Despite Coronavirus Effect, Gold Continues to Shine in Mumbai on Dhanteras

In London, spot gold was up 0.5 percent at USD 1,210.86 an ounce in early trade, having fallen by as much as 1 percent on Monday to USD 1,199.60. Among other precious metals, Spot silver was headed for its biggest monthly loss since September 2014, down almost 10 percent. It touched a seven-week low in the previous session before recovering to USD 16.06 on Tuesday. Also Read - Dhanteras 2020 Gold Buying Muhurat: Why do we Buy Gold And Utensils on First Day of Diwali Festivities