Gold prices soften on muted demand, silver steady

New Delhi-India (Dec 18)   Gold prices weakened by Rs25 to Rs29,525 per 10 gram at the bullion market on Monday as demand from local jewellers slackened even as the metal gained strength overseas. Silver prices held steady at Rs38,100 per kg in limited deals from industrial units and coin makers.

Traders said easing demand from local jewellers and retailers at the domestic spot market as wedding season comes to an end, weighed on gold prices but a better trend overseas capped the fall. Globally, gold rates rose 0.10% to 1,256.30 ounce in Singapore.

In the national capital, gold of 99.9% and 99.5% purity shed Rs25 each to Rs29,525 and Rs29,375 per 10 gram, respectively. It had gained Rs40 in Saturday’s trade. Sovereign, however, went up by Rs100 to Rs24,500 per piece of eight gram.

On the other hand, silver ready ended flat at Rs38,100 per kg, while weekly-based delivery traded higher by Rs130 to Rs37,335 per kg. Silver coins however remained unaltered at Rs70,000 for buying and Rs71,000 for selling of 100 pieces.

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