Gold snapped its five-day losing streak by recovering Rs 50 per 10 grams to close at Rs 28,830 on renewed local demand, while silver continued its slide for the sixth session. Standard gold (99.5 purity) rose by Rs 50 to close at Rs 28,830 per 10 grams from yesterday's closing level of Rs 28,780. Pure gold (99.9 purity) also moved up by a similar margin to settle at Rs 28,980 per 10 grams as compared to Rs 28,930. Silver (.999 fineness) dropped further by Rs 40 to close at Rs 39,215 per kg from Rs 39,255 yesterday. In the global market, gold pared much of its earlier losses yesterday but still notched a fifth-straight decline as the Federal Reserve was widely expected to wrap up its two-day meeting with a rate hike, which typically acts as a headwind to prices for the yellow metal. August gold fell to USD 1,268.60 an ounce.
July silver also dropped to USD 16.767 an ounce.
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