Gold recovers after early losses

Gold futures recovered after early morning losses. Gold for August contract was seen trading at Rs 30,000, higher by Rs 157 on Multi Commodity Exchange at 2.45 pm IST.

Gold for October delivery was trading at Rs 30,219 per 10 grams.

Similarly, the metal for October contract delivery was at Rs 30,317 per 10 grams at 3.00 pm IST.

Precious metal recovered as the rupee plunged to an all time low and was seen at Rs 57 per dollar. The pressure on the rupee boosted sentiment for gold.

International spot gold was seen at US$1,571 an ounce. Gold was trading lower on the renewed fears over the global economic slowdown.

Today, domestic gold with 9.9 and 99.5% purity was seen at Rs 30,600and Rs 30,400 per 10 grams, respectively.

Spot gold on MCX was seen at Rs 29,825 per 10 grams and silver was seen at Rs 52,725 per kgs.

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