Gold edges down on lower demand, silver gains

Gold slipped marginally by Rs 5 per 10 grams to finish at Rs 29,240 at the bullion market here today following lower demand from stockists and retailers.
While, silver continued its rise for the ninth straight session by further gaining Rs 60 per kg to Rs 38,425 on mild offtake from industrial units.
Standard gold (99.5 per cent purity) moved down by Rs 5 to close at Rs 29,240 per 10 grams from Thursday's closing level of Rs 29,245.
Pure gold (99.9 per cent purity) also edged down by a similar amount to close at Rs 29,390 per 10 grams compared to Rs 29,395 yesterday.

However, silver (.999 fineness) rose by Rs 60 to conclude at Rs 38,425 per kg as against Rs 38,365 previously.
Globally, gold hit a one-month high early today and stayed on track for its biggest annual rise since 2010 as a wilting dollar, political tensions and receding concerns over the impact of US interest rate hikes fed into its rally.
Spot gold was up at USD 1,296.76 an ounce in early European trade, off a peak of USD 1,297.58. US gold futures for February delivery were up at USD 1,298.80 an ounce.
Spot silver was up at USD 16.87. This year the two metals have risen 5.9 per cent and 3 per cent, respectively.