Gold perks up on positive global cues, silver gains

Mumbai: Gold prices recovered by Rs 40 per 10 grams at the bullion market here on Monday, driven by a firm trend overseas amid fresh buying by local jewellers.

Silver too recouped and edged up by Rs 110 per kg due to increased offtake by industrial units.

Standard gold (99.5 purity) climbed by Rs 40 to end at Rs 28,535 per 10 grams from last Friday's closing level of Rs 28,495.

Pure gold (99.9 purity) also moved up by a similar margin to close at Rs 28,685 per 10 grams as compared to Rs 28,645, previously.

Silver (.999 fineness) rose by Rs 110 to finish at Rs 36,730 per kg as against Rs 36,620 last Friday.

Globally, Gold edged higher as the dollar retreated on the back of lacklustre US wages data, but moves were muted ahead of an expected interest rate hike from the US Federal Reserve this week.

Spot gold was up 0.25 per cent at USD 1,250.93 an ounce at early trade.

Silver was little changed at USD 15.83.