Gold edges up on seasonal offtake amid global bullishness

Snapping a two-session downtrend, gold prices staged a modest rebound at the domestic bullion market in Mumbai due to renewed demand from jewellery stockists and retailers, supported by firm overseas sentiment.

Elsewhere, silver also recouped some overnight losses on the back of higher industrial demand. Standard gold (99.5 purity) firmed up by Rs 60 to end Rs 26,720 per 10 grams from Tuesday's level of Rs 26,660.

Pure gold (99.9 purity) also went up by a similar margin to settle at Rs 26,870 per 10 grams against Rs 26,810. Silver (.999 fineness) rose by Rs 150 to conclude at Rs 37,195 per kg compared to Rs 37,045 on Wednesday.

Meanwhile, the yellow-metal remained out of investors favour for the second consecutive year after outperforming any other asset classes and benchmarks in the investment universe of Indian history for more than a decade.

Throughout 2014, gold witnessed roller coaster ride in the midst of record breaking rally in equities as well as very uncertain and volatile global environment.

The year-on-year showed, silver plunging by 18.91 %, topping the chart followed by Standard gold with 8.32% and pure gold by 8.28%.