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Gold continues upward trend, silver turns weak

Mumbai: Gold maintained its upward trend at the domestic bullion market here today due to consistent buying support from jewellers and retail consumers.

Elsewhere, silver turned weak owing to subdued demand from consuming industries.

Standard gold (99.5 purity) moved up by Rs 55 to close at Rs 31,110 per 10 grams from yesterday’s closing level of Rs 30,055.

Pure gold (99.9 purity) also gained by a similar margin to end at Rs 30,260 per 10 grams as against Rs 30,205 previously.

While, silver (.999 fineness) declined by Rs 35 to conclude at Rs 43,100 per kg from Rs 43,135 earlier.

On the global front, gold steadied, largely holding on to gains from the previous session spurred by a retreat in the dollar and healthy physical demand.

Spot gold was barely changed, down some 0.1 percent at USD 1,272.46 an ounce in early European trade. In the previous session, it hit USD 1,276.67, its highest since Oct. 5.

US gold futures also edged 0.1 percent lower to USD 1,273.

Among other precious metals, silver was flat at USD 17.78 an ounce.