Gold trades listless, silver price recovers

Feb 18 2013, 19:57 IST
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Silver recovered smartly owing to good speculative off-take on back of industrial buying. (Reuters) Silver recovered smartly owing to good speculative off-take on back of industrial buying. (Reuters)
SummarySilver recovered smartly owing to good speculative off-take on back of industrial buying.

Gold maintained its listless trend to ease further at the bullion market here today on weak demand from stockists and investors, amid lack of local buying interest on expectation of further fall.

In contrast, silver recovered smartly owing to good speculative off-take on the back of industrial buying.

Standard gold of 99.5 per cent purity moved down by Rs 30 per 10 gm to close at Rs 29,860 from last Saturday's closing level of Rs 29,890.

Pure gold of 99.9 per cent purity moved down by Rs 35 per 10 gm to end at Rs 29,995 from Rs 30,030.

However, silver ready (.999 fineness) rose by Rs 255 per kg to finish at Rs 57,140 as against Rs 56,885 last weekend.

"The sharp fall witnessed over the weekend in the yellow metal did not whip-up any big buying on the hope of further decline," a dealer said.

Overseas, gold rebounded from its six-month lows on bargain-hunting as well as Chinese buying after a week-long festive holidays, though gains were capped by euro weakness against the dollar.

In Europe, gold was bid up at USD 1,611.45 an ounce in early trade, while spot silver bid higher at USD 29.96 an ounce.

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