Gold recovers on mild demand, silver gains

Gold prices recovered marginally by Rs 15 to close at Rs 30,705 per 10 gram at the bullion market here Monday due to mild demand from stockist and retailers.

Elsewhere, silver prices surged for the second straight session, advanced by Rs 160 to Rs 37,195 per kg due to sustained offtake by industrial units.

Standard gold (99.5 percent purity) edged up by Rs 15 to settle at Rs 30,705 per 10 gram as against Friday's closing level of Rs 30,690.

Pure gold (99.9 percent purity) also moved up by the same margin to end at Rs 30,855 per 10 gram against Rs 30,840 earlier.

Silver (.999 fineness) climbed Rs 160 per kg to finish at Rs 37,195 as against Rs 37,035 previously.

Globally, gold was steady partly in response to a dip in the dollar, but activity was muted because investors are waiting for a US central bank meeting this week, expected to result in an interest rate increase.

Spot gold was little changed, down by 0.02 percent at USD 1,198.85 in an early trade.

Among other precious metals, spot silver rose by 0.3 percent to USD 14.29.