Gold prices hold steady, silver slides on low offtake
New Delhi: Gold prices held steady at Rs31,450 per 10 gram on Monday in scattered deals even as it weakened overseas. However, silver prices declined by Rs150 to Rs39,500 per kg due to reduced offtake by consuming industries amid a weak trend overseas.
Traders attributed the fall in silver prices to a reduced offtake by industrial units and coin makers at the local spot market. Besides, a weak global trend as the dollar held steady after data showed the US economy added a larger-than-expected number of jobs in February, influenced the sentiment.
Globally, gold rate fell 0.11% to $1,321.70 an ounce and silver by 0.24% to $16.53 an ounce in Singapore.
In the national capital, silver ready declined by Rs150 to Rs39,500 per kg and weekly-based delivery by Rs70 to Rs38,875 per kg. Silver coins however continued to be traded at the previous level of Rs74,000 for buying and Rs75,000 for selling of 100 pieces.
Gold of 99.9% and 99.5% purity ruled flat at Rs31,450 and Rs31,300 per 10 gram, respectively. It had gained Rs100 in Saturday’s trade. Sovereign was also unaltered at Rs24,800 per piece of eight gram.