Gold eases on lower offtake, silver advances

Mumbai: Gold witnessed slight correction after a five-session rally at the bullion market here today on reduced offtake by stockists and jewellers amidst bearish global sentiment. Silver, however, firmed up further on sustained speculative demand and industrial support.

Standard gold of 99.5 per cent purity eased by Rs 30 to end at Rs 29,020 per 10 grams from Thursday`s close of Rs 29,050. Pure gold of 99.9 per cent purity moved down by Rs 20 to close at Rs 29,160 per 10 grams as compared to Rs 29,180 previously.

Silver ready (.999 fineness) rose by Rs 130 to finish at Rs 56,870 per kg from Rs 56,740 yesterday. In New York, gold declined on profit-taking by investors after yesterday`s rally as market factored the overnight decision by world central banks to induce liquidity in the financial system. Gold for February delivery fell USD 10.50 to USD 1,739.80 an ounce on the Comex division of the NYMEX late yesterday.