Gold remains weak on subdued demand; silver rebounds

Written by PTI | Mumbai | Updated: May 22 2014, 00:14am hrs
Gold prices continued to slip at the domestic bullion market today due to reduced offtake from stockists and retail consumers amid uneasy global sentiment.

While, silver recovered modestly on the back renewed industrial buying support.

Standard gold (99.5 purity) shed by Rs 135 to conclude at Rs 28,470 per 10 grams from Tuesday's closing level of Rs 28,605.

Pure gold (99.9 purity) also fell by a similar margin to end at Rs 28,620 per 10 gram from Rs 28,755.

Silver (.999 fineness), however rose by Rs 135 to finish at Rs 41,775 per kg as compared with Rs 41,640 yesterday.

Globally, the shiny metal continued to trade lacklustre despite weak dollar amid investor caution ahead of the US Federal Reserve's April policy minutes release later in the day.

Spot gold was bid lower at USD 1,289 an ounce in early European trade.