Gold gains on better offtake ahead of festive season

MUMBAI: Gold prices moved modestly higher at the domestic bullion market here today on stray local buying support as well as increased jewellery demand ahead of festive season.

Silver pulled back slightly from its sharp weekend slump owing to renewed demand from coin makers.

Standard gold (99.5 purity) up by Rs 35 to finish at Rs 28,430 per 10 grams from last Saturday's closing level of Rs 28,395.

Pure gold (99.9 purity) also added by same margin to end at Rs 28,580 per 10 grams against Rs 28,545.

Silver (.999 fineness) rose by Rs 60 to conclude at Rs 44,285 per kg compared to weekend level of Rs 44,225.

Globally, the yellow metal slipped further from a three- week high on continued profit-taking, but geopolitical uncertainty supported the metal to stay above key $1,300 level.

Spot gold was lower at $1,307.09 an ounce in early European trade.