Gold rebounds on demand from jewellers, silver remains weak

Gold prices recovered modestly by Rs 55 per 10 grams at the bullion market here today on fresh buying by jewellers amid a firming trend in overseas.
Silver, however, remained under selling pressure for the second straight day and shed another Rs 165 per kg.
Standard gold (99.5 purity) firmed up by Rs 55 to end at Rs 29,755 per 10 grams from Thursday's close of Rs 29,700.
Pure gold (99.9 purity) also edged up by a similar margin to settle at Rs 29,905 per 10 grams against Rs 29,850 earlier.
Silver (.999 fineness) decline by Rs 165 per kg to finish at Rs 40,395 as compared to Rs 40,560 yesterday.

In worldwide trade, the shiny-metal edged higher after two days of losses but remained on track for its biggest weekly slide in nearly two months on growing expectations of an increase in the US interest rates as soon as next month.
Spot gold was up 0.2 percent at USD 1,256.70 an ounce in early European trade, while US gold futures for June delivery gained USD 2.90 to USD 1,257.70. Spot prices are down 1.5 per cent this week and facing a third straight week of losses.
In other precious metals, Silver rose 0.6 per cent to USD 16.57.