Gold ends steady on scattered buying, silver higher

Gold prices on Wednesday held steady at Rs 27,550 per ten grams at the bullion market on scattered buying by jewellers and retailers, even as the precious metal weakens overseas.

Silver, however, maintained an upward trend for the third straight day and rose by another Rs 350 to Rs 37,800 per kg on sustained buying by industrial units and coin makers.

Traders said some buying activity by jewellers and retailers mainly kept gold prices steady.

Globally, gold fell 0.5 per cent to $1,225.16 an ounce in Singapore.

In the national capital, gold of 99.9 and 99.5 per cent purity settled steady at Rs 27,550 and Rs 27,350 per ten grams respectively.

Sovereign, however, found some buying support from retailers and edged up by Rs 50 to Rs 23,850 per piece of eight gram.

On the other hand, silver ready strengthened by Rs 350 to Rs 37,800 per kg and weekly-based delivery by Rs 140 to Rs 37,530 per kg.

Silver coins, however, faced some selling pressure and dropped by Rs 1,000 to Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.