Monday, November 29, 1999

Gold recovers on fresh demand, silver also firms up

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Mumbai, June 18 (PTI) Gold prices recovered at the bullion market here today on fresh buying triggered by a surge in overseas markets. Silver, too, firmed up owing to good industrial demand. The yellow metal rallied in overnight trade at global markets and was near its record high of USD 1,251.20 on renewed concerns of sovereign risk in Europe amid doubts over economic recovery in the US. Standard gold (99.5 purity) hardened by Rs 100 per ten grams to close at Rs 18,790 from overnight level of Rs 18,690. Pure gold (99.9 purity) rose by Rs 95 per ten grams to end at Rs 18,875 as against Rs 18,780 previously. Silver ready (.999 fineness) shot up by Rs 190 per kg to conclude at Rs 29,895 from Rs 29,705 yesterday. In Europe, spot gold was bid at USD 1,244.65 an ounce in early trade against USD 1,243.40 an ounce late in New York on Thursday. Silver was up at USD 18.70 an ounce against USD 18.87 an ounce.

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