TET Gold recovers on higher global cues; silver also improves
MUMBAI: Gold prices recovered on the bullion market here on Wednesday due to fresh buying by stockists following firming trend in
overseas markets.
Silver also moved up owing to good demand from the industrial users.
Gold futures in New York rose as the US dollar slid at the outset of the Federal Reserve's monetary-policy meeting, increasing the metal's appeal as a hedge against a weaker currency.
December gold futures, rose by 70 cents to $947.60 an ounce on the Comex division of the New York Mercantile Exchange.
However, silver for the September delivery also dropped slightly to $14.345 an ounce.
Turning to the domestic market, standard gold (99.5 purity) firmed up by Rs 45 per ten grams to Rs 14,855 from yesterday's closing level of Rs 14,810.
Pure gold (99.9 purity) also hardened by Rs 60 per ten grams to Rs 14,940 as against Rs 14,880 previously.
Silver ready (.999 fineness) moved up by Rs 30 per kilo to Rs 23,475 per kilo as against Rs 23,445 previously.
