Diwali trade: Gold ends steady, silver falls

New Delhi: Gold prices ended steady at Rs 31,300 per ten grams in special Deepavali trading here on Sunday on selective buying, while silver fell by Rs 150 to Rs 49,000 per kg on reduced off-take.

Traders said the gold remained steady on token buying by market participants to mark the beginning of new hindu Samvat year 2070, while silver declined on lack of support.

They said buying activity was restricted and the volume of business limited.

Gold of 99.9 and 99.5 per cent purity held steady at Rs 31,300 and Rs 31,200 per ten grams respectively, while sovereign ruled flat at Rs 25,300 per piece of eight gram.

On the other hand, silver ready declined by Rs 150 to Rs 49,000 per kg while weekly-based delivery traded up by Rs 25 to Rs 48,700 per kg on stray speculative buying.

Silver coins continued to be asked at last level of Rs 87,000 for buying and Rs 88,000 for selling of 100 pieces.

Gold rose 0.38 per cent to Rs 29,435 per ten grams in special Muhurat trading on the Multi Commodity Exchange today as participants created positions to mark the start of Samvat year 2070.

At the Multi Commodity Exchange, gold for delivery in February 2014 gained Rs 111, or 0.38 per cent, to Rs 29,435 per ten grams. Business turnover was 17 lots.

On the similar lines, gold for delivery in December edged up by Rs 177, or 0.26 per cent, to Rs 29,903 per 10 grams, with a business turnover of 332 lots.

Market participants said fresh positions created by speculators, who opened their new accounts on the first session of Samvat year 2070, mainly influenced gold prices at futures trade here.

Meanwhile, gold spot prices in the national capital stood steady at Rs 31,300 per ten gram in special Deepavali trading on Sunday.