Gold price edges up on fresh buying,silver slips

Gold prices advanced modestly at the bullion market here today on the back of fresh buying interest from retailers and investors.

Written by Agencies | Mumbai | Published: August 29, 2012 8:18 pm

Gold prices advanced modestly at the bullion market here today on the back of fresh buying interest from retailers and investors.

In contrast,silver declined further due to continued selling by speculators and traders.

Standard gold (99.5 purity) firmed up by Rs 35 to settle at Rs 30,835 per 10 gm from overnight close of Rs 30,800.

Pure gold (99.9 purity) gained by Rs 20 to end at Rs 30,970 per 10 gm from Rs 30,950.

Silver ready (.999 fineness) fell by Rs 55 per kg to finish at Rs 58,590 as compared to yesterday’s close of Rs 58,645.

On the global front,gold traded weak,hovering below a 4-1/2-month high as investors turned highly cautious ahead of the Federal Reserve meet on Friday,as well as release of revised US second quarter GDP data.

In London,spot gold was bid down at USD 1,662.05 an ounce in early trade and spot silver bid lower at USD 30.65 an ounce.

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