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This is an archive article published on July 14, 2012

Gold edges higher on stray retail buying

Gold prices advanced in a quiet trade at the domestic bullion market today on modest retail investment buying as well as jewellery off-take.

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Gold prices advanced in a quiet trade at the domestic bullion market today on modest retail investment buying as well as jewellery off-take.

In contrast,silver fell back after rallying sharply overnight owing to speculative unwinding amid reduced industrial demand.

Standard gold (99.5 purity) gained by Rs 20 to settle at Rs 29,190 per 10 grams from Friday’s closing level of Rs 29,170.

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Pure gold (99.9 purity) also looked up by a similar margin to end at Rs 29,320 per 10 grams from Rs 29,300.

Silver ready (.999 fineness),however,slumped by Rs 280 per kg to finish at Rs 52,720 from Rs 53,000 yesterday.

On the global front,gold rebounded sharply after a four-session slide on weaker dollar supported by faltering growth outlook from China,world’s second-largest economy.

Gold for August delivery rose by USD 26.70 to close at USD 1,592 an ounce on the Comex division of the NYMEX late yesterday.

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Silver for September contract moved up by 21 cents to USD 27.37 an ounce.

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