Gold posts modest gain after 3-day slide; silver also up

Jul 17 2014, 19:56 IST
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Standard gold (99.5 purity) rose by Rs 135 to finish at Rs 27,935 per 10 grams from Wednesday's level of Rs 27,800 Standard gold (99.5 purity) rose by Rs 135 to finish at Rs 27,935 per 10 grams from Wednesday's level of Rs 27,800
SummaryGold prices witnessed a modest rebound after a three-day plunge on the bullion market...

Gold prices witnessed a modest rebound after a three-day plunge on the bullion market here today following renewed buying from jewellery stockists and retail consumers.

Silver, too, regained some lost ground owing to heavy industrial off-take coupled with good speculative buying.

The domestic market got a boost due to strong global sentiment even as retail investors and bargain hunters stepped up buying after recent sharp fall in prices, a bullion trader said.

Standard gold (99.5 purity) rose by Rs 135 to finish at Rs 27,935 per 10 grams from Wednesday's level of Rs 27,800.

Pure gold (99.9 purity) also firmed up by a similar margin to end at Rs 28,085 per 10 grams from Rs 27,950.

Silver (.999 fineness) climbed by Rs 295 to conclude at Rs 45,350 per kg as against overnight close of Rs 45,055.

Globally, the shiny metal retraced the important USD 1,300 an ounce (28 gm) mark after suffering a steep sell-off earlier in the week on safe-haven demand fuelled by geopolitical tensions in West Asia.

Spot gold was up at USD 1,302.80 an ounce in early European trade.

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