Gold gains on sustained demand, silver slips

Gold gained further by Rs 50 per 10 grams at the bullion market here today following sustained demand from stockists and retailers amid bullish global cues.

While, silver softened by Rs 20 per kg due to subdued offtake from industrial units.

Standard gold (99.5 purity) climbed by Rs 50 to end at Rs 30,300 per 10 grams from Tuesday's level of Rs 30,250.

Pure gold (99.9 purity) also moved up by the same amount to close at Rs 30,450 per 10 grams as against Rs 30,400 yesterday.

However, silver (.999 fineness) eased by Rs 20 per kg to conclude at Rs 38,000 compared to Rs 38,020 earlier.

Globally, gold recovered from a three-week low as the dollar eased on profit-booking ahead of the US Federal Reserve's meeting later today, which could provide further clues on the pace of expected interest rate increases.

Spot gold was up at USD 1,315.71 an ounce in early European trade, having dropped as low as USD 1,306.91 in the previous session.

Among other precious metals, silver added 0.5 per cent to USD 16.29 an ounce.