Gold advances on seasonal strength, silver slips

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Gold prices advanced further at the domestic bullion market today on the back of steady demand from retailers amid good local buying support ahead of wedding season, ignoring global sluggishness.
Silver, however, slightly moved down owing to lack of demand from consuming industries.
Standard gold (99.5 purity) edged up by Rs 45 to end at Rs 30,780 per 10 grams from Thursday's closing level of Rs 30,735.
Pure gold (99.9 purity) also gained by a similar margin to settle at Rs 30,930 per 10 grams from Rs 30,885.
Silver ready (.999 fineness), however, softened by Rs 20 to conclude at Rs 49,780 per kilo, as against Rs 49,800 yesterday.

Meanwhile, the yellow metal dropped sharply in overseas trade after stronger-than-expected US growth data reinforced expectations that the Federal Reserve will begin tapering its stimulus programme sooner-than-expected.
Gold December contract slid USD 9.30 to settle at USD 1,308.50 an ounce on the Comex division of the NYMEX late yesterday. Silver December delivery also ended lower at USD 21.66 an ounce.