Gold logs modest gains, silver rebounds

Silver too regained some of its momentum after prices rose Rs 165 per kg due to increased offtake by industrial units.

Standard gold (99.5 purity) moved up by Rs 70 to close at Rs 29,000 per 10 grams from Tuesday's closing level of Rs 28,930.

Pure gold (99.9 purity) also rose by the same margin to end at Rs 29,150 per 10 grams as against Rs 29,080 previously.

Silver (.999 fineness) climbed by Rs 165 per kg to close at Rs 39,035 as compared to Rs 38,870 yesterday.

Globally, gold prices edged up, supported by jitters over political uncertainty in the US ahead of a major central banking conference this week.

Spot gold was up 0.2 per cent to USD 1,286.77 an ounce at early trade, after shedding 0.5 percent in the previous session.

Among other precious metals, silver was down 0.2 per cent to USD 17 an ounce.