Gold edges up on fresh buying support, silver spurts

Defying global sluggishness, gold witnessed a modest rebound from its multi-month low at the domestic bullion market here today on renewed investment offtake as well as stray local buying support.
Silver rose further owing to firm industrial demand.
Falling equity markets and attractive valuations after recent plunge seem to be luring some investors, a bullion trader commented.
The yellow metal had lost over 2.37 per cent during the last eight sessions to hit a three-month low.
Meanwhile, the government said today that it was not considering any immediate import duty cut in gold, which was raised to 10 per cent last year to check Current Account Deficit (CAD).

Standard gold (99.5 purity) firmed up by Rs 40 to settle at Rs 27,240 per 10 grams from Tuesday's level of Rs 27,200.

Pure gold (99.9 purity) also went up by similar margin to conclude at Rs 27,390 per 10 grams compared to Rs 27,350.
Silver (.999 fineness) spiked by Rs 130 to finish at Rs 42,580 per kg compared to Rs 42,450 yesterday.
Globally, the shiny metal traded almost flat amid investors' caution ahead of next week's FOMC policy meeting as well as interest rate hike fears.
Spot gold was little changed at USD 1,257.10 an ounce in early European trade.