Gold steady; silver rises on industrial buying
Mumbai-India (June 9) Gold prices remained steady at Rs 27,100 per 10 gram in the national capital on Monday owing to lack of buying support from jewellers and retailers even as the metal showed some strength overseas.
Silver, however, recovered by Rs 125 to Rs 40,750 per kg on scattered buying by industrial units and coin makers.
Traders said in the absence of buying support from jewellers and retailers on expectations that prices will come down in coming days mainly kept gold prices steady.
Besides, diversion of funds towards the surging equity markets also cast its shadow on sentiment, they said.
Gold in Singapore, which sets the price trend on the domestic front recovered by 0.22 per cent to $1,255 an ounce.
In Delhi, gold of 99.9 and 99.5 per cent purity held steady at Rs 27,100 and Rs 26,900 per ten gram respectively, while sovereign ruled flat at Rs 24,400 per piece of eight gram.
On the other hand, silver ready rose by Rs 125 to Rs 40,750 per kg and weekly-based delivery by Rs 75 to Rs 40,070 per kg on scattered buying by industrial units.
Silver coins, however, remained unaltered at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.