Gold eases, silver edges up

Mumbai, Sept 12:

prices eased from record peak at the bullion market here today on lower offtake from traders and investors despite the higher European cues. While silver recovered slightly on stray speculative buying.

"Investors have turned wary as the yellow metal received sustained boost from overseas cues and waiting US Federal Reserve move later this week," a trader said. Standard gold (99.5 purity) moved down by Rs 20 to end at Rs 31,970 per 10 gm from Monday's closing level of Rs 31,990. Pure gold (99.9 purity) declined by Rs 45 to close at Rs 32,085 per 10 gm from Rs 32,130.

However, silver ready (.999 fineness) edged up by Rs 15 per kg to finish at Rs 62,905 as compared to Rs 62,890 yesterday. In Europe, gold rose on higher euro ahead of German court key ruling on the legality of the euro-zone bailout fund amidst growing expectations of Federal Reserve monetary policy later this week. Spot gold was bid higher at USD 1,730.99 an ounce in early trade and silver bid up at USD 33.48 an ounce.

PTI