Gold recovers on fresh demand; silver dips by Rs 90

Gold prices regained marginally by Rs 40 to close the day at Rs 30,360 per 10 grams at the bullion market in Mumbai on Monday.

The yellow metal weakened overseas, but regained its sheen in the domestic market following renewed demands from stockists and retailers.

Silver, however, fell by Rs 90 per kg on lack of buying support from industrial units.

Standard gold (99.5 per cent purity) moved up by Rs 40 to finish at Rs 30,360 per 10 grams from last Friday's closing level of Rs 30,320, while pure gold (99.9 per cent purity) also firmed up by a similar margin to close at Rs 30,510 per 10 grams as against Rs 30,470.

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Silver (.999 fineness) prices slipped by Rs 90 to close at Rs 39,130 per kg compared to previous figure at Rs 39,220.

Globally, gold slumped to its lowest in over six months as the currencies of key consumers weakened, making it more expensive for them to buy dollar-priced bullion. It fell 0.3 per cent at $1,248.98 an ounce at early trade on Monday.

In other precious metals, silver was down 0.7 per cent at $15.97 an ounce.

(With inputs from agencies)