Gold posts modest gain on buying; silver slips

Gold prices strengthened further here today on the back of consistent demand from stockists and retailer investors amid bullish global sentiment.
On the other hand, silver fell back due to speculative unwinding as well as reduced industrial buying.
Standard gold (99.5 purity) advanced by Rs 60 to quote at Rs 29,053 per 10 grams at 1700 hrs from Thursday's level of Rs 28,993, a bullion trader said.
Pure gold (99.9 purity) also moved up by a similar margin to Rs 29,203 per 10 grams from Rs 29,143 previously, according to Riddisiddhi Bullions Ltd.
Silver (.999 fineness), however, declined by Rs 198 to Rs 43,472 per kg at 1700 hrs as against Rs 43,670 yesterday.

Globally, the yellow metal maintained its surge and hit a three-week high on weak dollar after the US Federal Reserve's recent policy meeting minutes indicated interest rates would remain at record lows.
Gold for June delivery rose USD 14.60 to settle at USD 1.320.50 an ounce on the Comex division of the NYMEX late yesterday, while silver May contract added 32 cents to end at USD 20.09 an ounce.