Gold rebounds on renewed offtake, silver slides

Standard gold climbed by Rs 115 to finish at Rs 25,345 per 10 grams

Breaking a two-day downtrend, gold prices rebounded at the domestic bullion market here today due to renewed offtake by stockists and retailers.

However, silver continued its downtrend on speculative selling and reduced industrial demand.

Standard gold (99.5 purity) climbed by Rs 115 to finish at Rs 25,345 per 10 grams from last friday's closing level of Rs 25,230.

Pure gold (99.9 purity) also moved by a similar margin to settle at Rs 25,495 per 10 grams as against Rs 25,380 earlier.

However, silver (.999 fineness) decline by Rs 115 per kg to close at Rs 33,915 compared to Rs 34,030 from last weekend level.

In worldwide trade, gold fell, as the dollar edged up ahead of a Federal Reserve policy meeting this week, which is expected to announce the first interest rate rise in nearly a decade.

Spot gold eased 0.7% to $1,066.50 an ounce, in early European trade, while US gold futures were down 0.8% at $1,067.20 an ounce.

While, silver was down 0.8% at $13.77 an ounce.