Gold makes some recovery on fresh demand, global events

Gold prices recovered at the domestic bullion market here today on fresh demand from jewellery stockist supported by bullish overseas cues.

However, silver maintained its rising trend and firmed up by Rs 265 per kg on increased offtake by industrial units.

Standard gold (99.5 purity) rose by Rs 180 per 10 grams to settle at Rs 29,575 as against Tuesday's closing level of Rs 29,395.

Pure gold (99.9 purity) also moved up by a similar margin to end at Rs 29,725 per 10 grams against Rs 29,545 earlier.

Silver (.999 fineness) surged by Rs 265 to finish at Rs 39,725 as compared to Rs 39,460 yesterday.

Globally, gold prices rose for a third day, helped by a weaker dollar and falling US bond yields ahead of inflation data later that could influence how quickly the Federal Reserve will raise interest rates.

Spot gold was up 0.4 per cent at USD 1,285.62 an ounce at early trade, taking gains this week to 0.7 per cent.

In other precious metals, silver was up 0.7 per cent at USD 17.13 an ounce.