Gold steady at Rs 27,640, silver gains Rs 250

The bullion market commenced the new year on a promising note as silver prices rose by 250 to Rs 51,400 per kg today on fresh buying by stockists, while gold held steady at Rs 27,640 on restricted buying activity.

Traders said fresh buying by stockists on pick-up in demand among jewellers and coins makers mainly led to rise in silver prices on the first trading day of 2012.

Absence of global cues following closures of some overseas markets for Christmas and New Year holidays, along with restricted buying kept gold prices steady.

Gold of 99.9 and 99.5% purity remained steady in the national capital at Rs 27,640 and Rs 27,500 per 10 grams, respectively.

Sovereigns too continued to be asked around previous level of Rs 23,300 per piece of eight grams.

On the other hand, silver ready added Rs 250 to Rs 51,400 per kg and weekly-based delivery gained Rs 150 to Rs 51,300 per kg.

However, silver coins lacked necessary buying support at prevailing higher levels and fell by Rs 1,000 to Rs 57,000 for buying and Rs 58,000 for selling of 100 pieces.