Gold recovers smartly on buying, global cues

MUMBAI: Snapping its three-day losing spree, gold recovered smartly at the bullion market on Saturday on fresh buying by stockists and speculators amid a rising trend in global markets.

Silver, however, moved down due to lack of demand from the industrial users.

Standard gold (99.5 purity) shot up by Rs 100 per ten grams to end at Rs 18,740 from yesterday's closing level of Rs 18,640.

Pure gold (99.9 purity) firmed up by Rs 95 per ten gram to close at Rs 18,830 as against Rs 18,735.

However, silver ready (.999 fineness) eased by Rs 30 per kilo to finish at Rs 29,760 from Rs 29,790 previously.

In New York, gold for August delivery rose by USD 8 to USD 1,230.20 an ounce on the COMEX division of the NYMEX.