Gold moves up on better buying; silver rebounds

Last Updated: Sat, Mar 09, 2013 11:47 hrs

Gold prices edged higher at the domestic bullion market today on modest demand from retailers as well as renewed local buying interest.

Silver also recovered smartly to retrace the Rs 55,000 per kg-level owing to good speculative off-take amid jewellery demand.

Standard gold of 99.5 per cent purity firmed up by Rs 45 to finish at Rs 29,305 per 10 gm from Friday's closing level of Rs 29,260.

Pure gold of 99.9 per cent purity also added Rs 40 to end at Rs 29,440 per 10 gm.

Silver ready (.999 fineness) jumped by Rs 385 to close at Rs 55,235 per kg from Rs 54,850 yesterday.

The yellow-metal remained under intense pressure this week in the absence of any significant physical demand and lack of fresh fundamental triggers amid global uncertainty.

Globally, precious gold finished marginally higher after rebounding from its oversold positions on investment buying.

Strong rally in US equities which climbed to a new high on improving economic data and surprisingly better employment data once again sparked off fresh concerns that the Fed will scale back its quantitative easing programme earlier than expected, reducing metals safe heaven bet.

Gold for April delivery settled higher at USD 1,576.90 an ounce in New York trade late yesterday on the Comex division of the NYMEX.

Silver for May contract also ended firm at USD 28.95 an ounce.

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