Gold, silver welcome 2011 with gains

Mumbai: Gold prices recovered at the bullion market here on Saturday due to fresh buying by stockists and local demand amidst firm overseas trend.

Silver also rebounded to scale an all-time high on the back of speculative buying and industrial users.

Standard gold (99.5 per cent purity) firmed up by Rs 60 per 10 grams to end at Rs 20,645 from Friday`s closing level of Rs 20,585.

Pure gold (99.9 per cent purity) rose by Rs 65 per 10 grams to close at Rs 20,745 as against 20,680 yesterday.

Silver ready (.999 fineness) hardened by Rs 180 per kilo to end at Rs 47,210 from yesterday`s closing level of Rs 47,030.

In New York, gold futures for February delivery was up by USD 15.50 to USD 1,421.40 an ounce on the Comex Division of the NYMEX.

Silver gained by 42 cents to USD 30.94 an ounce.

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