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Gold recovers on global cues, jeweller buying

Gold prices edged higher by Rs 15 to Rs 31,585 per 10 grams at the bullion market today, snapping its two day slide following a firm trend overseas coupled with pick-up in buying by the local jewellers.On the other hand, silver ready slumped by Rs 250 to Rs 40,750 per kg, below the Rs 41,000-mark, due to reduced offtake by industrial units and coin makers.Traders attributed the recovery in gold prices to a firm trend overseas where the precious metals traded higher, after hitting a six-month trough in the previous session, as the dollar pulled back from a 11-month peak on profit-booking.Globally, gold rose by 0.09 per cent to USD 1,268 an ounce in Singapore.
Source: Latest News

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