Gold edges up on stray buying, silver declines

Standard gold marginally inched up by Rs 5 to close at Rs 29,910 per 10 gm

Gold prices edged up further at the domestic bullion market today on stray demand from stockists and investors supported by firm overseas trend.

Silver, however, encountered speculative profit-taking on the back of reduced industrial off-take.

Standard gold (99.5 purity) marginally inched up by Rs 5 to close at Rs 29,910 per 10 gm from Thursday's closing level of Rs 29,905.

Pure gold (99.9 purity) moved up by Rs 20 to finish at Rs 30,060 per 10 gm from Rs 30,040.

However, silver ready (.999 fineness) fell by Rs 210 per kg to conclude at Rs 53,400 as against Rs 53,610 previously.

In New York, gold extended gains on lower dollar amidst European Central Bank chief's optimistic comments over single currency euro and measures to tackle euro zone crisis.

Gold for the August delivery rose $7 to $1,615.10 an ounce on the Comex division of the NYMEX late yesterday.

The September silver contract settled mildly lower by 2 cents to $27.45 an ounce.