Gold ends flat; closes at Rs 31,640 per 10 gms
New Delhi: Silver prices fell further by Rs 500 to Rs 60,500 per kg on reduced offtake by industrial units and coin makers amid a weak global trend while gold held steady at Rs 31,640 per 10 gm in restricted trade.
Traders said business volumes declined on reduced offtake of precious metals at existing higher levels and "Sharads", an inauspicious fortnight in Hindu mythology for buying anything new.
They said sentiment also turned bearish as precious metals fell the most in a week in global markets amid concern that demand for bullion has declined from China, the world's largest buyer after India.
Gold in New York, which normally set price trend on the domestic front, fell by 0.6 percent to USD 1,759.70 an ounce, the biggest decline since October 5 and silver by 1.2 percent to USD 33.66 an ounce.
Besides weak global trend, reduced offtake by industrial units and coin makers led to fall in silver prices, they said.
In the national capital, gold of 99.9 and 99.5 percent purity remained steady at Rs 31,640 and Rs 31,440 per 10 gm, respectively, while sovereign enquired around previous level of Rs 25,450 per piece of eight gram.
On the other hand, silver ready fell further by Rs 500 to Rs 60,500 per kg and weekly-based delivery by similar margin to Rs 61,725 per kg. Silver coins held steady at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces in thin trade.