Gold edges higher on seasonal uptick; silver jumps

MUMBAI: Notwithstanding weak global cues, gold recouped much of its overnight losses and closed above the significant Rs 28,000-mark at the domestic bullion market here on renewed offtake by jewellery stockists and retailers.

Elsewhere, silver also recovered sharply owing to heavy speculative demand coupled with good industrial buying support.

Standard gold (99.5 purity) firmed up by Rs 80 to finish at Rs 28,050 per 10 grams from Thursday's closing level of Rs 27,970.

Pure gold (99.9 purity) also rose by a similar margin to settle at Rs 28,200 per 10 grams compared to Rs 28,120.

Silver (.999 fineness) jumped by Rs 235 to conclude at Rs 40,500 per kg against Rs 40,265 yesterday.

Globally, the yellow-metal pulled back on strong dollar value and rallying equities worldwide after the European Central Bank launched a multi-billion bond-buying programme to stave off the threat of deflation and boost growth in the euro zone economy.

Spot gold was lower at $1,298.00 an ounce in early European trade, while silver eased marginally at $18.30 an ounce.