Gold price back at 29K on firm buying,silver declines

Gold continued on its fourth consecutive session rally to revisit the Rs 29,000-mark at the domestic bullion market here today on firm demand from stockists and investors amidst good off-take from retailers.

Written by Agencies | Mumbai | Published: May 21, 2012 7:07 pm

Gold continued on its fourth consecutive session rally to revisit the Rs 29,000-mark at the domestic bullion market here today on firm demand from stockists and investors amidst good off-take from retailers.

In contrast,silver price witnessed profit-taking on speculative selling following reduced industrial demand.

Standard gold (99.5 purity) climbed by Rs 120 to close at Rs 29,110 per 10 gm from last Saturday’s closing level of Rs 28,990.

Pure gold (99.9 purity) also rose by a similar margin of Rs 120 to finish at Rs 29,250 per 10 gm from Rs 29,130.

However,silver ready (.999 fineness) slipped by Rs 210 per kg to end at Rs 54,540 from Rs 54,750 last weekend.

In Europe,gold was trading flat following decline in euro amidst concerns over Greece’s political uncertainty.

Spot gold was bid down at USD 1,591.50 an ounce in early trade and silver was bid lower at USD 28.42 an ounce.

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