Silver extends gains on increased offtake; gold ends steady

Silver prices went up by Rs 40 to Rs 39,000 per kg in the national capital Wednesday on the back of increased offtake by industrial units and coin makers, according to the All India Sarafa Association.

Gold prices, on the other hand, held steady at Rs 32,970 per 10 gram 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.

The bullion market will remain closed on Thursday on account of Holi.

Globally, gold fell 0.20 per cent to USD 1,304.27 an ounce, and silver by 0.29 per cent to USD 15.40 an ounce in New York.

In the national capital, silver ready rose by Rs 40 to Rs 39,000 per kg, while weekly-based delivery jump by Rs 95 to Rs 38,126 per kg.

Silver coins, however, continued to be traded at the previous levels of Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.

On the other hand, gold of 99.9 per cent and 99.5 per cent purities ruled flat at Rs 32,970 and Rs 32,800 per 10 gram, respectively. It had gained Rs 140 on Tuesday.

Besides, Sovereign gold remained flat at Rs 26,400 per piece of 8 gram.