Silver weakens on muted demand, gold ends steady in thin trade

Silver prices declined by Rs 100 to Rs 41,400 per kg today owing to slack demand from consuming industries at the domestic spot market.
On the other hand, gold remained steady at Rs 28,450 per 10 grams in scattered deals even as it firmed up overseas.
Traders attributed the slide in silver prices to a reduced offtake by industrial units and coin makers at the local spot market.
Globally, gold rose 0.41 per cent to USD 1,162.70 an ounce and silver by 1.13 per cent to USD 17.07 an ounce in Singapore ahead of the outcome of the ongoing Federal Reserve meet which is expected to tighten its policy sooner than later.

In the national capital, silver ready drifted lower by Rs 100 to Rs 41,400 per kg and weekly-based delivery shed Rs 10 at Rs 41,480.
Silver coins, however, continued to be at the previous level of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.
On the other hand, gold of 99.9 per cent and 99.5 per cent purity held steady at Rs 28,450 and Rs 28,300 per 10 grams, respectively. It had lost Rs 100 in yesterday's trade.
Sovereign, however, ruled flat at Rs 24,200 per piece of eight grams.