Gold, silver recover

Gold and Silver recovered on the bullion market on renewed stockists demand in view of higher global advices.

Gold rose in Asia after the biggest weekly decline in prices in 25 years enticed buying from jewelers and as the dollar fell on concern that US consumer confidence dropped to a five-year low.

Gold traded as high as $927.20 an ounce, 10 per cent down from the record 1,032.70 reached on March 17. Bullion for immediate delivery gained $10.38 to 925.68 an ounce and silver 2.2 per cent to $17.42 an ounce.

Gold in Hong Kong closed higher at $931.60/932.20 per ounce as against $921.00/921.70 per ounce previously and in London, it was fixed higher in the morning at $930.65 per ounce as against $925.75 per ounce previously.

Turning to the domestic market, standard gold (99.5 purity) firmed up by Rs 110 per ten grams to Rs 12,115 from Rs 12,005 previously.

Pure gold (99.9 purity) also looked up to Rs 12,175 from last close of Rs 12,065.

Silver ready (.999 fineness) moved up by Rs 325 per kilo to Rs 22,990 from Rs 22,665 previously.