Silver rebounds on industrial offtake, gold moves down

Mumbai: Silver prices rebounded moderately at the bullion market here today on speculative buying amid renewed industrial offtake. On the other hand, gold slipped further on lack of local buying interest on the expectation of further correction at higher levels.

Standard gold of 99.5 per cent purity moved down by Rs 45 to end at Rs 28,915 per 10 grams from Friday`s close of Rs 28,960. Pure gold of 99.9 per cent purity also lost by a similar margin to close at Rs 29,040 per 10 grams from Rs 29,085 previously.

However, silver ready (.999 fineness) recouped by Rs 270 to conclude at Rs 56,250 per kg from Rs 55,980 yesterday. In New York, the precious metals recovered modestly on lower dollar as European leaders failed to gather unanimous consensus for a new fiscal treaty.

Gold for February delivery gained USD 3.40 to USD 1,716.80 an ounce on the Comex division of the NYMEX late on Friday. March Silver contract added 71 cents to USD 32.25 an ounce.