Gold gains sheen, silver turns weak

Continuing uptrend for the third straight session, gold prices today rose by another Rs 100 per 10 grams at the bullion market here on persistent buying by local jewellers, even as the metal weakened overseas.
Silver remained weak, however, and slipped by Rs 160 per kg on reduced offtake by industrial units.
Standard gold (99.5 purity) rose by Rs 100 per 10 grams to finish at Rs 29,530, from its overnight closing level of Rs 29,430.
Pure gold (99.9 purity) also gained by a similar margin to end at Rs 29,680 per 10 gram compared to Rs 29,580, previously.
Silver (.999 fineness) fell by Rs 160 to finish at Rs 38,545 per kg from yesterday's close of Rs 38,705.

Globally, gold drifted lower, weighed down by a firmer dollar on the back of concerns about instability in Europe, while a buoyant stock market also sapped enthusiasm for bullion.
Spot gold was down 0.5 per cent at USD 1,314.51 an ounce at early trade.
Among other precious metals, spot silver fell 0.8 per cent to USD 17.01 an ounce.