Gold stays weak, silver recovers

Gold today dropped by Rs 75 per 10 grams to extend its losses for a second day at the bullion market here due to poor offtake by stockists and retailers.

Silver, however, recovered marginally by Rs 20 per kg on mild offtake from industrial units.

Standard gold (99.5 per cent purity) declined by Rs 75 to close at Rs 30,745 per 10 grams from its Friday's closing level of Rs 30,820.

Pure gold (99.9 per cent purity) also fell by the same amount to close at Rs 30,895 per 10 grams compared to Rs 30,970 earlier.

However, silver (.999 fineness) gained Rs 20 per kg to conclude at Rs 39,410 from Rs 39,390, previously.

Globally, gold edged higher following a retreat in the dollar as Italian political risk receded. However, the prospect of a further US interest rate rise by the Federal Reserve this month limited its gains.

Spot gold was up 0.1 per cent at USD 1,293.89 an ounce at early trade. Silver was up 0.5 per cent at USD 16.44 an ounce.