Gold prices recover lost ground, spurt on fresh demand

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Gold hit by strong U.S.

Breaking its three-day losing streak, gold price recovered modestly by Rs35 at the domestic bullion market in Mumbai on Friday on fresh buying from jewellers and retailers.


Silver, too, gained by Rs80 per kg on mild demand from industrial units. Standard gold (99.5 per cent purity) moved up by Rs35 per 10 grams to end at Rs28,380 compared with Thursday’s closing level of Rs28,345. Pure gold (99.9 per cent purity) also rose by a similar margin to settle at Rs28,530 per 10 grams against Rs28,495 earlier.


Silver (.999 fineness) went up Rs80 to end at Rs40,790 per kg as against Rs40,710 on Thursday. Globally, gold eased ahead of US jobs data that is expected to boost confidence in the world’s largest economy and strengthen the case for the Federal Reserve to raise interest rates after buoyant factory data the previous day. Spot gold edged 0.1% lower to $1,169.66 an ounce in early European trade.


The metal fell to its lowest since 5 February at $1,160.38 in the previous session and is on track for its fourth straight week of losses. US gold futures gained 0.2% to $1,171.60. Silver fell 1.2% to $16.31 an ounce.

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