Gold prices steady, silver remains down

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New Delhi, October 4:: Gold prices remained steady on subdued demand at prevailing higher levels in the bullion market here while silver tumbled by Rs 330 per kg tracking weak trend in global markets.

Gold which had witnessed a sharp fall by losing Rs 335 in the previous session, closed at Rs 12,940 per ten grams.

Silver ready which had lost Rs 1,900 in the last two trading sessions, plunged by another Rs 330 to Rs 18,770 per kg, while weekly-based delivery remained steady at Rs 18,960 per kg.

Silver coins, however, gained Rs 100 at Rs 28,300 for buying and Rs 28,400 for selling of 100 pieces largely on the back of festive demand.

Marketmen attributed persistent fall in the silver prices to increased selling by stockists, sparked by weakening trend in global markets.

They said sluggish demand from jewellery fabricators and retailers too had downward effect on the prices.