Gold prices declined modestly after witnessing a six-session uptrend at the domestic bullion market today due to reduced buying from retailers and investors.

Silver also slipped further on poor speculative interest amid subdued industrial demand.

Standard gold (99.5 purity) moved down by Rs 20 to end at Rs 29,890 per 10 grams from the overnight closing level of Rs 29,910.

Pure gold (99.9 purity) lost Rs 30 to close at Rs 30,030 per 10 grams from Rs 30,060.

Silver ready (.999 fineness) edged down by Rs 70 per kg to finish at Rs 53,330 compared to Friday’s close of Rs 53,400.

Meanwhile, gold continued to gain strength in overseas trade on expectations that central banks in the US and Europe will announce some stimulus measures at their meet next week.

Gold for August delivery gained $2.90 to settle at $1,618 an ounce on the Comex division of the NYMEX late yesterday.

September silver contract inched up marginally by 5 cents to $27.50 an ounce.

(This article was published on July 28, 2012)
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