Gold declines on subdued demand, silver recovers

Gold declined further at the domestic bullion market here today due to subdued offtake from stockists and traders.
Elsewhere, silver recovered modestly by Rs 35 per kg on mild offtake from industrial units.
Standard gold (99.5 purity) fell by Rs 70 to end at Rs 31,080 per 10 grams from Tuesday's closing level of Rs 31,150.
Pure gold (99.9 purity) also moved down by a similar margin to finish at Rs 31,230 per 10 grams as compared to Rs 31,300 yesterday.
Silver (.999 fineness) went up by Rs 35 to end at Rs 47,480 per kg as against Rs 47,445 yesterday.

In worldwide trade, gold rose, recovering from its lowest in nearly two weeks, as prospects for further economic stimulus helped to bolster investor appetite while the dollar remained flat.

Spot gold was up 0.5 per cent at USD 1,338.55 an ounce in early European trade, having earlier touched USD 1,327.30, its lowest since July 1. Bullion had fallen by 1.7 percent on Tuesday, its biggest one-day drop since May 24.
US gold rose 0.6 per cent to USD 1,341.60.
Among other precious metals, silver gained 1.1 per cent to USD 20.33.