Gold gains on sustained demand; silver drops

Gold prices gained further at the domestic bullion market here today on sustained demand from jewellery stockists and retailers owing to the upcoming festive season.
However, silver dropped further following speculative selling amid reduced industrial offtake.
Standard gold (99.5 purity) rose by Rs 60 to close at Rs 31,5710 per 10 grams from Thursday's level of Rs 31,510.
Pure gold (99.9 purity) also moved up by a similar margin to end at Rs 31,720 per 10 grams as compared to Rs 31,660 yesterday.
Silver (.999 fineness) fell by Rs 220 per kg to Rs 46,530 as against Rs 46,750 previously.

Globally, gold fell in early trade, snapping a week-long streak of gains in tight trade as hawkish comments from US Federal Reserve officials renewed bets on a US rate hike this year, while contradicting comments from others curbed losses.
Spot gold was down at USD 1,343.40 an ounce in early European trade and silver was also fell to USD 19.30 an ounce.