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Gold prices declined modestly today after a two-session rally at the domestic bullion market due to reduced offtake from stockists and jewellers.
On the other hand, silver maintained its strong momentum and reclaimed the key Rs 43,000 per kg level to close at nearly two-month high, driven by aggressive speculative demand amid global support.
Standard gold of 99.5 per cent purity moved down by Rs 45 to finish at Rs 28,540 per 10 gm from Friday’s closing level of Rs 28,585. Pure gold of 99.9 per cent purity lost Rs 35 to close at Rs 28,685 per 10 gm from Rs 28,720.
Silver ready (.999 fineness) shot up by Rs 430 to end at Rs 43,290 per kg compared to the overnight close of 42,860.
Globally, the shiny metal edged higher on the back of upbeat Chinese macro-economic data amid lingering uncertainty about US Federal Reserve plan to trim its multi-billion dollar bond-buying programme.
Gold for December delivery gained $2.30 to settle at $1,312.20 an ounce on the NYMEX late yesterday and silver September contract gained 22 cents to end at $20.41 an ounce.
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