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OT: Gold recovers on global cues, silver eases
 
Mumbai, May 5 After three consecutive losses, gold prices recovered slightly here on stray local buying interest at existing lower levels and mild stockist and investors offtake, mirroring recovery in global market.

While, silver eased further in mute trade.

Globally, Gold bounced after two days of hefty losses, tracking a recovery in oil, but stayed on track for its biggest weekly loss in six months as euro zone political risk receded and a June increase to US interest rates looked increasingly likely.

Standard gold (99.5 per cent purity) moved-up by Rs 40 to end at Rs 28,235 per 10 grams from Thursday's close of Rs 28,195.

Pure Gold (99.9 per cent purity) also gained by a similar margin to settle at Rs 28,385 per 10 grams against Rs 28,345 yesterday.

However, Silver (.999 fineness) edged-down by Rs 25 per kg to Rs 38,625 as against to Rs 38,650 previously.

In London, spot gold rose 0.6 percent to USD 1,234.55 an ounce in early trade.

While, Silver was up 1.1 percent at USD 16.46 after hitting a four-month low of USD 16.17 yesterday.

Source