Gold gains on retail buying interest; silver declines

MUMBAI: Gold prices advanced modestly in a quiet trade at the bullion market here today on renewed investment buying as well as jewellery off-take.

In contrast, silver declined on the back of stockists' selling coupled with lower industrial demand.

Standard gold (99.5 purity) edged up Rs 25 per 10 gm to settle at Rs 30,625 from overnight closing level of Rs 30,600.

Pure gold (99.9 purity) also moved up by a similar margin to close at Rs 30,755 per 10 gm from Rs 30,730.

Silver ready (.999 fineness), however, fell by Rs 150 per kg to conclude at Rs 58,150 as compared to Rs 58,300 yesterday.

Uncertainty over the US fiscal cliff and slowing trade activity in the global commodity markets in view of approaching holidays mainly kept domestic investors from taking any long positions, a bullion trader commented.

However, markets in the US and UK are closed today on the occasion of Christmas.