Modest recovery in gold, silver extend losses

Mumbai, Sept 24: Gold prices recovered modestly at the domestic bullion market today on renewed off-take from stockists and traders amid some local buying interest at the existing low levels. Silver declined owing to continued speculative selling.

Standard gold of 99.5 per cent purity moved up by Rs 30 to close at Rs 29,820 per 10 gm from Monday's closing level of Rs 29,790. Pure gold of 99.9 per cent purity also gained by Rs 35 to end at Rs 29,970 per 10 gm from Rs 29.935.

However, silver ready (.999 fineness) eased by Rs 50 to finish at Rs 49,715 per kg as compared to Rs 49,765 yesterday. Globally, gold dipped for a fourth session in a row as the dollar firmed and lack of clarity over US monetary and fiscal policy dented demand for the precious metal.

In London, spot gold was bid down at USD 1,317.10 an ounce in early trade and silver was bid lower at USD 21.48 an ounce.

PTI