Gold prices ease, silver ends steady in lustreless trade

PTI Posted online: Friday, Oct 18, 2013 at 0000 hrs
Mumbai : Gold eased marginally after its two day surge at the bullion market here today on subdued demand from stockists and traders amid lack of local buying interest at the existing higher levels.

Silver ended steady at its overnight level in the absence of speculations as investors opted for sidelines.

Standard gold of 99.5 per cent purity moved down by Rs 20 to finish at Rs 30,950 per 10 gram from Thursday's closing level of Rs 30,970.

Pure gold of 99.9 per cent purity also slipped by a similar margin to end at Rs 31,100 per 10 gram from Rs 31,120 previously.

Silver ready (.999 fineness) closed unchanged at its previous closing level of Rs 49,000 per kg.

In international markets, gold was mostly trading flat on investor wariness, but was posting biggest weekly gain since two months, on hope that the partial US government shutdown will lead the Fed's Reserve to postpone tapering of its stimulus programme.

Spot gold was bidding little changed at USD 1,318.10 an ounce in early trade, while silver was flat at USD 21.84 an ounce.