Gold rebounds on jewellers' demand, silver remains weak

Gold prices recovered modestly by Rs 30 per 10 grams at the bullion market here on Tuesday on fresh buying by jewellers.

However, silver moved down owing to lacklustre industrial demand.

Standard gold (99.5 purity) moved up by Rs 30 per 10 grams to end at Rs 30,930 from Monday's closing level of Rs 30,900.

Pure gold (99.9 purity) also rose by a similar margin to settle at Rs 31,080 per 10 grams against Rs 31,050 earlier.

Silver (.999 fineness) eased by Rs 45 to conclude at Rs 46,695 per kg as against Rs 46,740.

On the global front, gold eased as speculation that the US Federal Reserve could raise rates this year undermined interest in the metal, though uncertainty kept prices in a narrow range.

Spot gold was down 0.1% at $1,333.84 an ounce in early trade, while US gold futures for December delivery were down $1.90 an ounce at $1,339.40. Spot gold touched a one-week low of $1,329.55 on Monday.

Among other precious metals, silver was down 0.2% at $19.69 an ounce after touching a near two-week low on Monday.