India: Gold remains weak on sluggish demand, silver ends steady

Mumbai-India (Jan 19)  Gold remained weak for the second straight day and it shed Rs. 35 to Rs. 26,350 per ten grams at the bullion market on Tuesday on easing demand from jewellers and retailers even as the metal held steady in global markets.

Silver, however, ended stable at Rs. 34,000 per kg in scattered deals from industrial units and coin makers.

Marketmen said subdued demand from jewellers and retailers at the domestic spot markets mainly kept pressure on the precious metal prices. Globally, gold traded at steady at $1,088.68 an ounce in Singapore.

Meanwhile, the government on Monday raised the import tariff value on gold to $354 per 10 gram and on silver to $457 per kg as per global price trends. During the first fortnight of this month the import tariff value on gold was at $345 per 10 gram and on silver it was $452 per kg.

In the national capital, gold of 99.9 and 99.5 per cent purity fell further by Rs. 35 each to Rs. 26,350 and Rs. 26,200 per ten grams, respectively. The precious metal had lost Rs. 165 on Monday. Sovereign, however, remained flat at Rs. 22,300 per piece of eight gram.

On the other hand, silver ready held flat at Rs. 34,000 per kg, while weekly-based delivery recovered by Rs. 45 to Rs. 34,045 per kg. Silver coins traded at previous level of Rs. 49,000 for buying and Rs. 50,000 for selling of 100 pieces.

Source: TheHindu