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Gold, silver regain on renewed offtake, seasonal demand weighs

Source : PTI
Last Updated: Sat, Dec 07, 2013 12:17 hrs
The salesman displays gold bangles to a customer at a jewellery showroom in Chennai

Gold prices rose modestly, recovering some lost ground from overnight steep fall at the domestic bullion market today on emergence of low-level buying from jewellery stockists backed by marriage season demand.

Silver also rebounded on the back of speculative offtake amid higher industrial support.

Standard gold (99.5 purity) firmed up by Rs 75 to conclude at Rs 30,575 per 10 grams from Friday's closing level of Rs 30,500.

Pure gold (99.9 purity) also added a similar margin to end at Rs 30,725 per 10 grams from Rs 30,650.

Silver ready (.999 fineness) hardened by Rs 220 to finish at Rs 44,670 per kilo as compared to Rs 44,450 previously.

Meanwhile, the shiny metal fell to five-month low after better-than-expected U.S. employment and consumer sentiment data fuelled widespread expectations for the Federal Reserve to scale back its stimulus measures sooner rather than later.

Gold for February delivery slipped to settle at USD 1,229 an ounce on the Comex division of the NYMEX late yesterday. Silver for March contract also eased to USD 19.52 an ounce.



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