Gold slips on subdued demand, silver rebounds

MUMBAI: Gold prices slipped at the domestic bullion market here today due to subdued demand by stockists and local buying interest.

However, silver rebounded following speculative offtake amid fresh industrial buying.

Standard gold (99.5 purity) fell by Rs 110 to close at Rs 29,040 per 10 grams from Monday's level of Rs 29,150.

Pure gold (99.9 purity) also moved down by a similar margin to end at Rs 29,190 per 10 grams compared to Rs 29,300.

However, Silver (.999 fineness) rose by Rs 170 per kg to finish at Rs 36,900 against Rs 36,730 previously.

Globally, gold rose in early European trade, building on its biggest monthly gain in four years, as concerns over the global economy after downbeat data from China and the United States fuelled interest in the metal as a safe store of value. Further inflows into gold-backed exchange-traded funds indicated buoyant investor appetite for gold.

Spot gold rose to $1,239.82 an ounce early European trade, while silver was flat at $14.88.