Gold prices stay flat at Rs30,280, silver falls

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New Delhi: Gold prices held steady at Rs30,280 per 10 grams on Thursday, supported by a firm trend overseas, along with fresh buying by local jewellers. However, silver plunged Rs100 to Rs39,900 per kg, hurt by lower offtake by industrial units and coin makers.

Traders said a firm trend prevailed overseas after the US Federal Reserve left interest rates unchanged and investors waited for an announcement on the next chair of the central bank. Globally, gold rates firmed up 0.17% to $1,276.50 an ounce in Singapore. Buying by local jewellers to meet wedding season demand at the domestic market supported the upmove.

In the national capital, gold of 99.9% and 99.5% purity edged up by Rs5 each to Rs30,280 and Rs30,130 per 10 grams, respectively. The precious metals had lost Rs105 on Wednesday. Sovereign, however, remained steady at Rs24,700 per piece of eight grams in limited deals.

On the other hand, silver ready declined by Rs100 to Rs39,900 per kg while weekly-based delivery traded higher by Rs535 to Rs39,705 per kg on speculative buying. Silver coins maintained a steady trend at Rs74,000 for buying and Rs75,000 for selling of 100 pieces.