Gold edges up on modest investment offtake; silver rebounds

  • PTI, Mumbai
  • Updated: Aug 16, 2014 16:01 IST

Gold prices gained marginally in another wise lacklustre bullion market in Mumbai on Saturday due to better buying interest from investors and retailers despite sluggish overseas sentiment.

Silver rebounded from two-month low on renewed demand from jewellery and coin makers amid higher industrial support.

Trading sentiment remained somewhat lifeless due to the extended holiday weekend as most stockists preferred to stay on the sidelines, a bullion trader said.

Standard gold (99.5 purity) added Rs 20 to settle at Rs 28,375 per 10 grams from Thursday's closing level of Rs 28,355.

Pure gold (99.9 purity) was also up by same margin to finish at Rs 28,525 per 10 grams against Rs 28,505.

Silver (.999 fineness) rose by Rs 135 to conclude at Rs 44,135 per kg as compared to Rs 44,000 previously.

Globally, the yellow-metal dropped sharply following better-than-expected US macro data as well as low inflation, though renewed geopolitical concerns supported the metal from breaching the significant $1,300 an ounce mark.

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