Gold, silver recover from Wednesday's fall

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Gold, silver recover from Wednesday's fall
Gold and silver recovered on Thursday as speculators created fresh positions amid firm Asian cues and weaker dollar boosted the sentiment.

On Multi Commodity Exchange, the gold for June delivery was trading higher by Rs 227 at Rs 28,198 per 10 grams at 2.25 pm IST. Silver for July delivery on MCX was trading at Rs 52,521 per kgs higher by Rs 962.

Domestically, gold of 99.9 and 99.5% purity rose marginally to Rs 28,620 and Rs 28,480 per 10 grams, respectively.

In India, the demand for gold jewellery fell 19% to 152.0t from Q1 2011. Investment demand was down 46% from the previous year at 55.6t. In May, the government withdrew the new tax on jewellery and the market is already responding positively, the WGC said in the press release.

According to WGC, the global gold demand in Q1 2012 was 1,097.6 tonnes (t), down 5% from the high demand levels seen in Q1 2011 (1,150.7t).

US spot gold was seen at $1,550 an ounce.

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Read more about: gold, silver, futures, mcx
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