Gold edges higher on stray retail buying, silver recovers

Mumbai, May 12:

prices moved up marginally after an uninterrupted five-session fall at the domestic bullion market here today on the back of modest retail buying support as well as some jewellery off-take at lower levels.

Silver regained some of its overnight losses on renewed speculative demand. Standard gold (99.5 purity) advanced by Rs 15 to settle at Rs 28,400 per 10 gm from Friday's closing level of Rs 28,385. Pure gold (99.9 purity) gained by Rs 20 to finish at Rs 28,530 per 10 gm from Rs 28,510.

Silver ready (.999 fineness) jumped by Rs 440 per kg to close at Rs 54,130 as compared to Rs 53,690 yesterday.

On the other hand, gold continued to slide in overseas trading and touched fresh four-month low on heavy unwinding from investors on worries over deepening political uncertainty in Europe amid strengthening dollar valuation. Gold for June delivery shed USD 11.50 to USD 1,584 an ounce on the Comex division of the NYMEX late yesterday and silver for July contract lost 29 cents to USD 28.89 an ounce.

PTI