Gold ends steady; silver recovers on increased demand

In thin trading, gold prices remained steady at Rs 26,800 per ten gram at the bullion market in the national capital on Wednesday on scattered buying by jewellers and retailers even as the metal weakened in the global markets.

However, silver found fresh buying support from industrial users and recovered by Rs 485 to Rs 36,300 per kg.

Traders said scattered buying by jewellers and retailers at current levels mainly kept gold prices unchanged.

Globally, gold prices fell by 0.3 per cent to $1,194.10 an ounce in Singapore on speculation that a rally to a two-week high will erode demand as dollar strengthens.

In Delhi, gold of 99.9 and 99.5 per cent purity continued to be traded at previous levels of Rs 26,800 and Rs 26,600 per ten gram respectively.

Sovereign followed suit remained steady at Rs 23,800 per piece of eight gram.

On the other hand, silver ready rebounded by Rs 485 to Rs 36,300 per kg but weekly-based delivery fell by Rs 380 to Rs 35,870 per kg due to lack of buying by speculators.

Silver coins held at previous levels of Rs 60,000 for buying and Rs 61,000 for selling of 100 pieces.