Gold ends steady; silver extends weakness on reduced offtake

Mumbai-India (Jan 10)  In restricted activity, gold prices remained unchanged at Rs 27,250 per ten gram at the bullion market today in the absence of worthwhile activity at prevailing levels, even as the precious metal strengthened overseas.

 Silver, however, continued its slide for the third straight day with prices falling by another Rs 100 to 36,850 per kg due to reduced offtake by industrial units.

Traders said absence of any worthwhile buying by jewellers and retailers at prevailing levels mainly kept gold prices steady.

 They said, however, reduced offtake by industrial users and coin makers kept pressure on silver.

 In the national capital, gold of 99.9 and 99.5 per cent purity held steady at Rs 27,250 and Rs 27,050 per ten gram respectively. Sovereign followed suit and enquired at last level of Rs 23,800 per piece of eight gram.

 On the other hand, silver ready fell further by Rs 100 to Rs 36,850 per kg and weekly-based delivery by Rs 115 to Rs 36,830 per kg.

 Globally, gold prices were up by 1.20 per cent at USD 1,223.40 an ounce in New York in yesterday's trade on speculation that the Federal Reserve would not raise US interest rates soon. Silver also edged up by 0.89 per cent to USD 16.52 an ounce.

 Meanwhile, silver coins continued to be traded at last level of Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces in restricted buying.

Source: BusinessStandard