Gold edges higher on better retail buying

Gold prices advanced further at the domestic bullion market today due to modest retail buying support as well as sustained offtake from jewellery stockists. Silver regained marginally after an uninterrupted five-session slump on the back of stray industrial demand.
Standard gold of 99.5 per cent purity moved up by ` 35 to conclude at ` 29,800 per 10 gram from overnight closing level of ` 29,765. Pure gold of 99.9 per cent purity firmed up by ` 50 to end at ` 29,960 per 10 gram from ` 29,910 previously.
Silver ready (.999 fineness) added ` 35 to finish at ` 49,225 per kg as compared to Friday’s close of ` 49,190. On the global front, the shiny metal remained under intense pressure as ongoing uncertainty over the US budget impasse continued to weigh on investors’ sentiment amid lack of supportive triggers.
Gold for December delivery fell USD 7.70 to settle at USD 1,309.90 an ounce on the Comex division of NYMEX late yesterday. Silver December contract eased to end at USD 21.75 an ounce.
Source: Business-Standard
Source:Bullion Bulletin

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