Free Press Journal

Gold rebounds on renewed stockists buying; silver drops

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Mumbai: After a two-day slippage, gold firmed up at the domestic bullion market here on fresh bouts of buying from jewellery stockists amid good seasonal offtake. While, silver continued to drift due to consistent selling by speculative traders coupled with subdued industrial demand. Standard gold (99.5 purity) rose by Rs 55 to finish at Rs 26,215 per 10 grams as compared to Tuesday’s closing level of Rs 26,160.

Pure gold (99.9 purity) also moved up by a similar margin to settle at Rs 26,365 per 10 grams against Rs 26,310. However, silver (.999 fineness) dropped by Rs 180 to conclude at Rs 35,705 per kg from Rs 35,885 earlier.

Globally, the yellow-metal edged higher on safe-haven buying following a soft Chinese manufacturing data, reviving concerns over the global economic outlook. Spot gold was modestly higher at USD 1,129.50 an ounce in early European trade and silver quoted up at USD 14.78 an ounce.