Gold gains on better offtake; silver retraces Rs 45K mark

Mumbai, Jul 31 Defying global bearishness, gold prices rebounded modestly at the bullion market here today on renewed local buying support as well as good investment offtake.

Silver also recovered to close above the Rs 45,000 per kg level owing to good speculative buying amid renewed industrial demand. Standard gold (99.5 purity) moved up by Rs 45 to settle at Rs 27,835 per 10 grams from Wednesday’s closing level of Rs 27,790.

Pure gold (99.9 purity) edged higher by Rs 50 to conclude at Rs 27,985 per 10 grams from Rs 27,935. Silver (.999 fineness) climbed by Rs 265 to finish at Rs 45,230 per kg as compared to Rs 44,965 yesterday.

On the global front, yellow-metal remained under selling pressure for the second consecutive session to hit a one-week low spooked by the Fed’s decision to taper monthly bond-buying program by another USD 10 billion supported by stronger-than- expected GDP growth data overnight.

Spot gold was bid lower at USD 1,294.10 an ounce in early European trade.