Gold reclaims Rs 26,000 mark on low level buying; silver tumbles
Mumbai: Gold prices rebounded modestly, snapping a three-day downbeat trend to reclaim the Rs 26,000 per 10 grams level at the domestic bullion market here on the back of improved local buying interest.
On the other hand, silver remained under intense selling pressure due to sustained speculative unwinding. Standard gold (99.5 purity) moved up by Rs 15 to settle at Rs 26,000 per 10 grams from Thursday's closing level of Rs 25,985. Pure gold (99.9 purity) also added a similar margin to end at Rs 26,150 per 10 grams as against Rs 26,135 on September 10.
However, silver (.999 fineness) slumped by Rs 245 per kg to conclude at Rs 35,480 from Rs 35,725 on September 10.
In worldwide trade, the yellow-metal eased further on higher dollar as well as investors caution ahead of key US data later in the day against the backdrop of looming Fed interest rates hike decision next week. Spot gold was substantially lower at USD 1,106.90 an ounce in early European trade, while silver quoted at USD 14.56 an ounce.