Gold reverses 2-day fall, up by Rs 15

Gold reversed its two-day downfall and gained modestly at the domestic bullion market here today on the back of renewed interest by local buyers at current levels amid good jewellery offtake.

On the other hand, silver witnessed further aggressive unwinding from traders and stockists amid subdued speculative demand taking an overall bearish trend in overseas.

Standard gold of 99.5% purity moved up by Rs 15 to settle at Rs 27,385 per 10 grams from Wednesday's closing level of Rs 27,370.

Pure gold of 99.9% purity also edged up by a similar margin to close at Rs 27,515 per 10 grams from Rs 27,500.

However, silver ready (.999 fineness) tanked by Rs 950 per kg to finished at Rs 56,540 from Rs 57,490 yesterday.

In Europe, gold recovered some of its losses after falling more than 2% on Wednesday on bargain hunting by investors amid high optimism that the International Monetary Fund will approve providing Greece with a loan to tide over its debt-crisis.

Spot gold was bid at $1,643.59 an ounce in early trade.