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Gold advances on retail buying, silver gains

Mumbai: Gold prices rebounded modestly at the domestic bullion market here today after falling for three days on better offtake from retail consumers and jewellers alike. Silver moved up on renewed speculative as well as industrial demand.

Standard gold (99.5 purity) rose by Rs 40 to finish at Rs 29,980 per 10 grams against overnight closing level of Rs 29,940. Pure gold (99.9 purity) also firmed up by Rs 45 to end at Rs 30,120 per 10 gm against Rs 30,075 yesterday. Silver ready (.999 fineness) went up by Rs 90 per kg to conclude at Rs 53,810 as compared to Friday`s close of Rs 53,720.

In New York, gold closed marginally higher on bargain hunting amid some short-covering after fall in the previous session amid a string of negative economic data. Gold for August delivery added USD 1.50 to close at USD 1,566.90 an ounce on the Comex division of NYMEX late yesterday while, July silver declined 18 cents to settle at USD 26.66 an ounce.

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