Gold remains weak on muted demand; silver ends flat

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Gold prices eased by Rs. 90 to Rs. 25,600 per ten grams at the bullion market on Wednesday, extending its slide for the third straight day, owing to slackened demand from jewellers and retailers even as metal strengthened overseas. Silver, however, held steady at Rs. 33,500 per kg in scattered deals.

Traders said tepid demand from jewellers and retailers following end of wedding season mainly kept pressure on gold prices. They said, however, a firm trend overseas as traders kept on the sidelines ahead of a highly anticipated Federal Reserve meeting, that is likely to result in the first U.S. interest rate increase in almost a decade, capped the fall.

Globally, gold gained 0.5 per cent to $1,066.35 an ounce in Singapore, while it ended 0.08 per cent higher at 1,060.90 an ounce in New York in Tuesday’s trade. In the national capital, gold of 99.9 and 99.5 per cent purity fell further by Rs. 90 each to Rs. 25,600 and Rs. 25,450 per ten grams, respectively. The precious metals had lost Rs. 310 in the precious two days. Sovereign, however, remained steady at Rs. 22,200 per piece of eight grams.

On the other hand, silver ready held steady at Rs. 33,500 per kg, while weekly-based delivery edged up by Rs. 60 to Rs. 33,575 per kg. Meanwhile, silver coins were trading at previous level of Rs. 47,000 for buying and Rs. 48,000 for selling of 100 pieces.

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