Gold rebounds on fresh buying, silver slips

Gold prices recovered by Rs 40 at Rs 29,495 per 10 gram at the bullion market here today following mild demand from stockists and retailers even as the metal weakened overseas.

However, silver prices remained under selling pressure and went down further by Rs 40 per kg due to poor offtake by industrial units.

Standard gold (99.5 per cent purity) rose by Rs 40 to end at Rs 29,495 per 10 gram from last Friday's level of Rs 29,455.

Pure gold (99.9 per cent purity) also rose by the same amount to finish at Rs 29,645 per 10 gram from Rs 29,605.

However, silver (.999 fineness) went down by Rs 40 per kg to conclude at Rs 37,720 as against Rs 37,760.

Globally, gold prices ticked lower under pressure from selling by investors as well as a firmer dollar and another escalation in the trade conflict between China and the United States.

Spot gold was trading down by 0.2 per cent at USD 1,211.16 an ounce in early trade.

In other precious metals, silver fell by 0.1 per cent to USD 15.36 an ounce.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)