Gold prices recover on scattered buying, global cues

Gold prices recovered by Rs 190 to Rs 31,100 per 10 grams at the bullion market here today on scattered buying by local jewellers and retailers, amid firm global cues.

Silver, however, strengthened by Rs 460 to Rs 40,175 per kg on the back of increased offtake from industrial units.

Standard gold (99.5 purity) hardened by Rs 190 to finish at Rs 31,100 per 10 grams from its overnight closing level of Rs 30,910.

Pure gold (99.9 purity) also moved up by a similar margin to end at Rs 31,250 per 10 grams against Rs 31,060 previously.

Silver (.999 fineness) spurted by Rs 460 per kg to finish at Rs 40,175 compared to Rs 39,715 earlier.

Globally, gold edged up from a 2018 low, adding traction as the dollar fell off its five-month high, though risk appetite in the broader financial markets kept the precious metals gains in check.

Spot gold had edged up 0.2 percent to USD 1,294.81 per ounce at early trade.

Silver rose 0.7 percent to USD 16.60 an ounce.