Gold edges up on modest retail buying; silver plunges

Precious gold moved up marginally in a quiet trade and regained the important Rs 27,000 per 10 gm mark at the domestic bullion market today on stray local buying interest.
The yellow-metal witnessed heavy unwinding from speculators yesterday on the auspicious Akshaya Tritiya day, the biggest gold buying festival by falling a whopping Rs 390.
The industrial metal, silver, however, slumped on the back of heavy stockists selling amid subdued industrial demand.
Standard gold of 99.5 per cent purity gained Rs 45 to settle at Rs 27,030 per 10 gm from Monday's closing level of Rs 26,985.
Pure gold of 99.9 per cent purity also looked up by Rs 25 to close at Rs 27,155 per 10 gm from Rs 27,130.

Silver ready (.999 fineness), however, tanked by Rs 505 to conclude at Rs 45,410 per kg as against Rs 45,915 previously.
Globally, gold trade continues to be lacklustre amid cautiousness following a surprise rise in US retail sales amid speculation about US Federal Reserve scaling back its stimulus measures earlier than expected.
In London, spot gold was trading low at USD 1,428.64 an ounce in early hours.