Gold prices move down slightly, silver remains flat

Globally, gold rose 0.41% to $1,296.10 an ounce and silver by 0.44 per cent to $17.13 in Singapore

Gold prices turned soft on Monday, down Rs 50 at Rs 29,900 per 10 grams, owing to slack demand from local jewellers despite a positive global trend.

Silver was unchanged at Rs 40,200 per kg in scattered deals from industrial units and coin makers.

Easing demand, traders said, from local jewellers and retailers at the spot market brought about the decline in gold, but a firm trend overseas arrested the fall.

Globally, gold rose 0.41 per cent to $1,296.10 an ounce and silver by 0.44 per cent to $17.13 in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell Rs 50 each to Rs 29,900 and Rs 29,750 per 10 grams, respectively. It had gained Rs 250 on Saturday.

Sovereign, however, remained steady at Rs 24,500 per piece of 8 grams.

Silver ready moved in a narrow range in limited deals from industrial units and settled at the last level of Rs 40,200 per kg. Weekly-based delivery rose by Rs 215 to Rs 39,225 on speculative buying.

Silver coins, however, continued to be traded at the previous level of Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.