Modest recovery in gold, silver slips further

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After a steep fall overnight, gold prices recovered modestly at the bullion market here today on off-take by traders and renewed buying interest at existing lower levels on the back of wedding season demand. (Reuters) After a steep fall overnight, gold prices recovered modestly at the bullion market here today on off-take by traders and renewed buying interest at existing lower levels on the back of wedding season demand. (Reuters)
SummaryAfter a steep fall overnight, gold prices recovered modestly at the bullion market here today on off-take by traders and renewed buying interest at existing lower levels on the back of wedding season demand.

After a steep fall overnight, gold prices recovered modestly at the bullion market here today on off-take by traders and renewed buying interest at existing lower levels on the back of wedding season demand.

In contrast, silver continued to remain weak and dropped below Rs 60,000 per kg level on sustained speculative selling amid lower industrial demand.

Standard gold (99.5 purity) gained by Rs 55 per 10 gm to end at Rs 30,595 from Wednesday's closing level of Rs 30,540.

Pure gold (99.9 purity) rose by Rs 65 per 10 gm to close at Rs 30,735 from Rs 30,670.

Silver ready (.999 fineness) fell by Rs 575 per kg to finish at Rs 59,595 as against Rs 60,170 yesterday.

The yellow metal yesterday dropped to one-and-a-half month low.

"Gold witnessed a watchful buying in today's trade after overnight price drop. Since uncertainty is looming in overseas markets amid US fiscal crisis talks, people are hoping for further price correction," dealers said.

In New York, gold traded lower amid cautiousness over negotiations to avert the so-called fiscal cliff in the world's largest economy.

Gold for February delivery declined by USD 3 to USD 1,667.70 an ounce on the Comex division of NYMEX late yesterday.

Silver for March contract fell 55 cents to USD 31.12 an ounce.

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