Gold ends steady in thin trade; silver down on global cues

Gold prices ruled steady at Rs 26,350 per ten gram at the bullion market today in the national capital on Tuesday as jewellers deferred their buying activity on hopes of a fall in the precious metal prices in coming days amid a weak trend overseas.

Silver remained under pressure and prices fell further by Rs 100 to Rs 35,950 per kg owing to slackened demand from industrial units and coin makers.

Traders said lack of buying support from retailers and jewellers who preferred to keep their activity restricted, anticipating further fall in coming days, mainly kept gold prices unchanged.

Gold in Singapore, which normally determines price trend on the domestic front, traded lower at almost four year-low of $1,165.70 an ounce, on expectations that the Federal Reserve is preparing to raise interest rates while other central banks add stimulus, boosting the dollar and hurting bullion demand.

Silver also fell by 1 per cent to $15.98 an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity held steady at Rs 26,350 and Rs 26,150 per ten gram respectively, while sovereign traded at last level of Rs 23,700 per piece of eight gram.

Silver ready remained under selling pressure and moved further down by Rs 100 to Rs 35,950 per kg, while weekly-based delivery rebounded by Rs 600 to Rs 35,940 per kg on speculative buying.

Silver dropped by Rs 1,000 to Rs 59,000 for buying and Rs 60,000 for selling of 100 pieces.