Gold, silver recover on mild demand

Gold and silver recovered on the local bullion market here today on a fresh mild demand from stockists.

Mumbai, Feb 26: Gold and silver recovered on the local bullion market here today on a fresh mild demand from stockists.

Firm gold prices in the global market mainly boosted the domestic gold, a stockist said.

Standard gold (99.5 purity) firmed up by Rs 24 per 10 grams to Rs 30,574 at 1700hrs from Rs 30,550 yesterday and pure gold (99.9 purity) also moved up by Rs 24 per 10 grams to 30,724 from Rs 30,700, according to Riddisiddhi Bullions Ltd.

Silver (.999 fineness) too bounced back by Rs 235 per kg on fresh demand from industrial users to Rs 48,050 from Rs 47,815 yesterday, it added.

In the New York market, gold futures finished higher yesterday to hold their ground in their highest level in four months,finding some modest support from a weaker-than-expected reading on US consumer confidence. Gold for April delivery rose by USD 4.70 an ounce to settle at USD 1,342.70 while March silver settled down by 9 cents USD 21.96. PTI