Gold edges up on stray local buying, silver slides

Gold continued to trade in a narrow range, edging up slightly at the domestic bullion market on Saturday amidst stray local buying interest and lack of cues from overseas markets.

In contrast, silver maintained its downtrend to slide further following heavy speculative selling pressure on the back of poor industrial demand. “There is little activity in yellow metal due to holidays”, a trader said.

Standard gold of 99.5 per cent purity added Rs 5 per 10 gm to close at Rs 29,610 from Friday’s closing level of Rs 29,605. Pure gold of 99.9 per cent purity moved up by Rs 15 to conclude at Rs 29,750  per 10 gm from Rs 29,735.

However, silver ready (.999 fineness) slumped by Rs 330 to end at Rs 54,030 per kg from Rs 54,360 on Friday.