Gold, silver recover modestly on fresh buying

Gold prices recovered some lost ground at the bullion market here today on fresh buying interest at the existing levels from traders and retailers.

Silver also gained moderately on renewed speculative offtake amid industrial buying.

Standard gold of 99.5 per cent purity rose by Rs 40 per 10 gm to end at Rs 30,405 from Monday's closing level of Rs 30,365.

Pure gold of 99.9 per cent purity moved up by Rs 35 per 10 gm to close at Rs 30,540 from Rs 30,505.

Silver ready (.999 fineness) climbed up by Rs 130 to finish at Rs 58,280 per kg as against Rs 58,150 yesterday.

"Gold found support after a three-session of slide," dealers said.

In New York, gold extended its decline amid receding safe haven appeal on the back of mixed US economic data.

Gold for February delivery fell USD 3.70 to USD 1,652.90 an ounce on the Comex division of the NYMEX late yesterday.

Silver for March contract slumped 43 cents to USD 30.78 an ounce.

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