Gold declines on subdued demand; silver ends steady

Gold prices declined by Rs 30 to Rs 30,680 per 10 grams in the national capital today on slackened demand at prevailing higher levels even as the metal extended gains in the overseas markets.

On the other hand, silver held steady at Rs 42,700 per kg on scattered buying support from industrial units and coin makers.

Traders said fall in demand from retailers at current levels led to decline in gold prices but a firming trend overseas as escalating tension in Ukraine boosted demand for safe-haven, limited the downside.

Globally, gold rose as much as 0.7% to $1,308.91 an ounce, the highest level since April 15 in Singapore.

In Delhi, gold of 99.9 and 99.5% purity declined by Rs 30 each to Rs 30,680 and Rs 30,480 per 10 grams, respectively. It had surged by Rs 320 in last trade.

Sovereign, however, found some local buying and traded higher by Rs 50 to Rs 25,150 per piece of eight grams.

On the other hand, silver ready held steady at Rs 42,700 per kg while weekly-based delivery inched up by Rs 10 to Rs 42,090 per kg, while silver coins continued to be asked at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.