Gold inches up on stray buying, silver slides
Mumbai: Notwithstanding extreme global bearishness, gold moved up marginally in a quiet trade at the domestic bullion market on Saturday on stray retail buying support coupled with good jewellery stockists' off-take.
However, silver remained under intense speculative selling pressure and lost further ground amid subdued industrial demand.
Standard gold (99.5 purity) gained by Rs 10 to settle at Rs 30,790 per 10 grams from overnight closing level of Rs 30,780.
Pure gold (99.9 purity) also looked up by a similar margin to end at Rs 30,940 per 10 grams from Rs 30,930.
Silver ready (.999 fineness), however, slumped by Rs 280 to conclude at Rs 49,500 per kilo from Friday's finish of Rs 49,780.
On the global front, the shiny metal plummeted below the psychological USD 1,300 an ounce mark spooked by frantic hedge funds unwinding after stronger than expected US jobs report along with robust GDP output data, triggered speculation that the Federal Reserve could reduce stimulus before the end of the year.
Gold December contract plunged USD 23.90 to close at USD 1,284.60 an ounce on the Comex division of the NYMEX late yesterday. Silver December delivery also shed USD 34 cents to settle USD 21.32 an ounce.