Renewed demand scripts revival of gold, silver

Both gold and silver recovered on the bullion market at the Bombay Stock Exchange on renewed demand from retailers and stockists on Saturday.

The yellow metal turned positive after snapping straight seven sessions of losing streak on fresh demand from investors. It had lost Rs 1,925 or 6.52% in last seven trading sessions.

Silver also recouped on fresh industrial demand. Standard gold (99.5 purity) firmed up by Rs 105 per 10 grams to Rs 27,695 from Rs 27,590 previously.

Pure gold (99.9 purity) too improved by Rs 105 to settle at Rs 27,845 per 10 grams from Rs 27,740.

Silver (.999 fineness) recovered by Rs 130 to conclude at Rs 41,670 per kg as compared to Rs 41,540 on Friday.

Meanwhile, in the New York market, gold futures settled lower yesterday on the back of better-than-expected data on new home-sales and strength in US equities, prompting prices to tally a mild loss for the week.

Gold for June delivery pulled back by 3.30 dollars to settle at $1,291.70 an ounce on the Comex division of the New York Mercantile Exchange.

July silver also fell by 10 cents to $19.42 an ounce.