Gold loses sheen, silver rallies

Gold prices declined at the domestic bullion market here today due to reduced demand from stockists and retailers despite a firm trend overseas.
However, silver continued its rising streak for the fourth day in a row by gaining Rs 245 per kg on increased offtake by industrial units.
Standard gold (99.5 purity) fell by Rs 50 to close at Rs 29,195 per 10 grams from Wednesday's level of Rs 29,245.
Pure gold (99.9 purity) also moved down by a similar margin to finish at Rs 29,345 per 10 grams as compared to Rs 29,395 earlier.
Silver (.999 fineness) advanced by Rs 245 to conclude at Rs 39,385 against Rs 39,140 previously.

Globally, Gold prices inched up, helped by a weaker dollar as investors waited for the nomination of a new US Federal Reserve chair and the unveiling of US tax reform legislation later in the day.
Spot gold was up 0.2 per cent at USD 1,275.91 an ounce at early trade.
In other precious metals, silver was down 0.2 per cent to USD 17.09 an ounce.