Gold Recovers, Silver Declined Further

Gold prices recovered on the bullion market in Mumbai on May 15 on renewed demand from stockists coupled with positive advices from Hong Kong, while silver declined further due to persistent selling from stockists in view of lower global trend. In Hong Kong, gold ended higher at $ 865.40/866.10 per ounce as against $ 861.50/862.20 per ounce previously. In London, the yellow metal was fixed slightly lower in the morning at $ 866.25 per ounce as against $ 866.50 per ounce previously. Gold and silver prices slipped in New York on May 14 on long liquidation in response to a stronger US dollar and softening crude oil. Standard gold (99.5 purity) firmed up by Rs 45 per ten grams to Rs 11,915 from Rs 11,870 previously and pure gold (99.9 purity) recovered by Rs 40 per ten grams to Rs 11,970 from Rs 11,930. However, silver ready (.999 fineness) dropped by Rs 85 per kilo to Rs 23,470 from Rs 23,555 previously.