Gold remains flat on subdued demand, silver recovers

Gold remained weak for the second day as it fell marginally by Rs 10 to Rs 25,290 per ten grams at the bullion market today owing to slackened demand from jewellers, while ignoring a firming trend overseas. Silver, however, recovered by Rs 150 to Rs 34,200 per kg on increased offtake by industrial units and coin makers and a higher global cues. Traders said slackened demand from jewellers and retailers mainly kept pressure on gold prices but a firming global trend, restricted the fall.

Globally, gold climbed 0.4 percent to USD 1,099.47 and silver by 0.5 percent to USD 14.75 an ounce in Singapore as investors awaited the outcome of the Federal Reserve meeting for clues on the timing of a US interest rate hike. In the national capital, gold of 99.9 and 99.5 percent purity eased further by Rs 10 each to Rs 25,290 and Rs 25,140 per ten grams, respectively. The precious metal had lost Rs 190 yesterday.

Sovereign, however, continued to be traded at last level of Rs 22,200 per piece of eight gram. On the other hand, silver ready recovered by Rs 150 to Rs 34,200 per kg and weekly-based delivery by Rs 85 to Rs 33,850 per kg. Meanwhile, silver coins remained steady at Rs 49,000 for buying and Rs 50,000 for selling of 100 pieces.