Gold firms up on increased buying; silver declines

Last Updated: Fri, Aug 01, 2014 18:23 hrs

Gold prices firmed up further at the bullion market here today on sustained off-take by jewellery stockists as well as good local buying support despite weak global sentiment.

Silver, on the other hand, slipped modestly owing to reduced industrial demand.

Standard gold (99.5 purity) rose by Rs 60 to finish at Rs 27,895 per 10 grams as compared to Thursday's closing level of Rs 27,835.

Pure gold (99.9 purity) also climbed by a similar margin to settle at Rs 28,045 per 10 grams from Rs 27,985 previously.

Silver (.999 fineness), however, moved down by Rs 95 to conclude at Rs 45,135 per kg against Rs 45,230 yesterday.

On the global front, the shiny metal succumbed to heavy unwinding from speculators and hedge funds to close six-weeks low following better-than-expected US jobs data amid increased speculation that the Fed will hike interest rates sooner than expected.

Gold for August delivery slumped more than one per cent to end at USD 1,281.30 an ounce on the Comex division of the NYMEX late yesterday, while silver September delivery settled at USD 20.41 an ounce.

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