Gold begins 2017 on a steady note, silver weakens

Gold prices ended steady at Rs 28,300 per ten grames on the first trading day of 2017 on scattered demand from local jewellers.

However, silver declined by Rs 100 to Rs 39,300 per kg owing to reduced offtake by industrial units.

Traders said the absence of cues from global markets which are closed, mainly kept gold prices unaltered here.

In the national capital, gold of 99.9 and 99.5 per cent purity ruled flat at Rs 28,300 and Rs 28,150 per 10 grammes, respectively. It had lost Rs 200 in the last trading session of 2016 on Saturday.

Sovereign, however, traded at last level of Rs 24,000 per piece of eight grammes in limited deals.

On the other hand, silver ready drifted lower by Rs 100 to Rs 39,300 per kg, while weekly-based delivery rose by Rs 495 to Rs 39,195 per kg.

Silver coins held steady at Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces.