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Gold price edges higher at Rs 29,960 on better retail buying

Silver regained marginally after uninterrupted 5 session slump due to stray industrial demand.

Written by PTI | Mumbai | Published: October 5, 2013 5:26:14 pm

Gold prices advanced further at the domestic bullion market on Saturday due to modest retail buying support as well as sustained off-take from jewellery stockists. Silver regained marginally after an uninterrupted five-session slump on the back of stray industrial demand.

Standard gold of 99.5 per cent purity moved up by Rs 35 to conclude at Rs 29,800 per 10 gram from overnight closing level of Rs 29,765.

Pure gold of 99.9 per cent purity firmed up by Rs 50 to end at Rs 29,960 per 10 gram from Rs 29,910 previously. Silver ready (.999 fineness) added Rs 35 to finish at Rs 49,225 per kg as compared to Friday’s close of Rs 49,190.

On the global front,the shiny metal remained under intense pressure as ongoing uncertainty over the US budget impasse continued to weigh on investors’ sentiment amid lack of supportive triggers.

Gold for December delivery fell USD 7.70 to settle at USD 1,309.90 an ounce on the Comex division of NYMEX late on Friday. Silver December contract eased to end at USD 21.75 an ounce.

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