Gold dips on subdued demand, silver recovers

Mumbai: Continuing its downtrend for the fifth straight session, gold dipped by Rs 75 per 10 grams at the bullion market here on Wednesday following subdued demand from stockist and retailers.

Meanwhile, silver rebounded by Rs 80 per kg owing to renewed offtake from industrial units amid higher global cues.

Standard gold (99.5 purity) fell by Rs 75 to close at Rs 29,425 per 10 grams from Tuesday's level of Rs 29,500.

Pure gold (99.9 purity) also declined by the same amount to end at Rs 29,575 per 10 grams compared to Rs 29,650 yesterday.

However, silver (.999 fineness) rose by Rs 80 per kg to finish at Rs 39,070 as against Rs 38,990 previously.

Globally, gold rose in early trade after marking a seven-week low the previous session, as the dollar dipped on talk that a dovish Federal Reserve chair would be appointed next year.

Having touched its lowest since mid-August yesterday, spot gold rose to USD 1,281.30 an ounce in early European trade, while silver climbed to USD 16.80 an ounce.