Gold price edges higher on better retail off-take; silver recovers

Snapping a two-session downtrend,gold moved up at the domestic bullion market today.

Written by Press Trust Of India | Mumbai | Published: May 17, 2013 6:38 pm

Snapping a two-session downtrend,gold moved up at the domestic bullion market today on increased buying from retail consumers and jewellers.

Silver also witnessed strong demand from industrial users and closed above the Rs 44,000 per kg mark.

Standard gold of 99.5 per cent purity gained Rs 35 to end at Rs 26,245 per 10 gm from Thursday’s closing level of Rs 26,210.

Pure gold of 99.9 per cent purity also gained by a similar margin to finish at Rs 26,385 per 10 gm from Rs 26,350.

Silver ready (.999 fineness) rose by Rs 470 to conclude at Rs 44,100 per kg as compared to Rs 43,630 yesterday.

Meanwhile,the shiny metal slumped for a seventh straight session — its longest slide in four years on back of strong dollar valuations amid heightened speculation about early unwinding of Federal Reserve stimulus measures.

Gold for June delivery shed USD 9.30 to settle at USD 1,386.90 an ounce on the Comex division of the NYMEX late yesterday.

Silver July contract closed virtually flat at USD 22.66 an ounce.

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