Silver extends gains on increased offtake, gold ends steady

Silver prices went up by Rs 300 to Rs 41,400 per kg at the bullion market today on the back of increased offtake by industrial units and coin makers.

Gold, on the other hand, held steady at Rs 32,400 per 10 grams in scattered deals at prevailing levels, even as it weakened overseas.

Traders said, pick-up in demand from industrial units and coin makers at the local spot market, mainly kept silver prices higher.

Globally, gold fell 0.25 per cent to USD 1,317.90 an ounce and silver by 0.27 per cent to USD 16.64 an ounce in New York in yesterday's trade.

In the national capital, silver ready rose further by Rs 300 to Rs 41,400 per kg, while weekly-based delivery by Rs 140 to Rs 40,540 per kg.

Silver coins, however, continued to be traded at the previous levels of Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.

On the other hand, gold of 99.9 per cent and 99.5 per cent purity, ruled flat at Rs 32,400 and Rs 32,250 per 10 grams, respectively. It had gained Rs 420 in the previous six days.

Sovereign, however, remained steady at Rs 24,800 per piece of eight grams.