Gold eases on subdued demand; silver ends steady

New Delhi: In restricted activity, gold prices eased by Rs 20 to Rs 27,050 per ten gram at the bullion market on February 26 owing to low demand from jewellers and retailers even as the metal strengthened overseas.

Silver, however, held steady at Rs 37,300 per kg on scattered support from industrial units. Traders said subdued demand from jewellers and retailers at prevailing levels mainly led to the fall in gold prices.

However, firming global trend as Chinese buyers returned from a week-long holiday, restricted the fall, they said. Gold in Singapore, which normally determine price trend on the domestic front, rose 0.7 per cent to USD 1,213.23 an ounce. In the national capital, gold of 99.9 and 99.5 per cent purity declined by Rs 20 each to Rs 27,050 and Rs 26,850 per ten gram respectively. It had gained Rs 100 on February 25.

Sovereign held steady at Rs 23,650 per piece of eight gram. On the other hand, silver ready remained unaltered at Rs 37,300 per kg on some support, while weekly-based delivery advanced by Rs 120 to Rs 36,800 per kg on increased speculators buying. Meanwhile, silver coins traded at last level of Rs 59,000 for buying and Rs 60,000 for selling of 100 pieces.