Gold bounces back on renewed stockists demand; silver slumps

Written by PTI | Mumbai | Updated: Aug 7 2014, 10:50am hrs
Snapping a two-session falling streak gold prices rose firmly and reclaimed the Rs 28,000 per 10/gm mark at the bullion market here today on emergence of buying from jewellery stockists and speculative investors.

Silver, on the other hand remained under intense selling pressure due to sluggish industrial demand.

Standard gold (99.5 purity) climbed by Rs 185 to end at Rs 28,115 per 10 grams from overnight level of Rs 27,930.

Pure gold (99.9 purity) also firmed up by a similar margin to finish at Rs 28,265 per 10 grams against Rs 28,080 previously.

Silver (.999 fineness), however, slumped by a whopping Rs 370 to conclude at Rs 44,280 per kg compared to Tuesday's Rs 44,650.

On the global front, the shiny metal regained some lost ground to trade marginally higher in the midst of the latest flare-up in geopolitical tensions, though upbeat US macro data as well as uncertainty over the trajectory of US monetary policy fails to sustain safe-haven buying.

Spot gold was bid higher at USD 1,292 an ounce in early European trade.