Gold price rises on stray support, silver recovers

Mumbai-India (Sept 28)  Gold prices gained modestly, in an otherwise lacklustre and cautious trade at the domestic bullion market in Mumbai on Saturday owing to stray buying support.

Elsewhere, silver recovered owing to renewed industrial buying.

Standard gold  (99.5 purity) moved-up by Rs 5 to close at Rs 26,760 per 10 grams from Friday's level of Rs 26,755.

Pure gold (99.9 purity) also went up by a similar margin to finish at Rs 26,910 per 10 grams from Rs 26,905.

Silver (.999 fineness) climbed by Rs 225 to conclude at Rs 40,050 per kg as compared to Rs 39,825 Friday.

On the global front, Gold fell as a dollar-driven rally encouraged by U.S. economic growth dimmed bullion's investment appeal, sending the metal's prices towards a key support level at $1,200 an ounce.

Gold for December delivery lost to settle at $1,215.40 an ounce on the Comex division of the NYMEX late Friday, while silver declined to $17.48 an ounce.