Gold gains further, silver recovers

Gold prices strengthened further at the domestic bullion market here on sustained demand from stockists.
Silver recovered by rising Rs 290 to Rs 36,990 per kg due to increased offtake by industrial units.
Standard gold (99.5 purity) gained by Rs 210 to end at Rs 28,370 per 10 grams against yesterday's closing level of Rs 28,160.
Pure gold (99.9 purity) also rallied by a similar margin to conclude at Rs 28,520 per 10 grams as against Rs 28,310 previously.
However, silver (.999 fineness) climbed by Rs 290 to finish at Rs 36,990 compared with Rs 36,700 yesterday.
Globally, gold edged back below USD 1,240 an ounce today as investors cashed in some of the previous day's 1.7 per cent gains, sparked by Fed chair Janet Yellen's indication that she remained cautious on further interest rate hikes.

Spot gold was at USD 1,237.66 an ounce in early trade, down 0.3 per cent, having risen 1.7 percent yesterday after Yellen's speech.
Among other precious metals, silver was up 0.2 per cent at USD 15.38 an ounce.