Silver goes up on increased offtake; gold steady

New Delhi, May 1 (PTI): Silver today rose by Rs 200 to Rs 40,500 per kg on the back of increased offtake by consuming industries. On the other hand, gold held steady at Rs 32,200 per ten gram in scattered deals even as it weakened overseas. Traders attributed the rise in silver prices to a pick-up in offtake by industrial units and coin makers at the local spot market. Globally, silver and gold fell as the dollar firmed near 3-1/2 month highs, eroding demand for the precious metals as a safe haven. Gold fell 0.45 per cent to USD 1,309 an ounce and silver by 0.46 per cent to USD 16.22 an ounce in London in early trade today. In the national capital, silver ready traded higher by Rs 200 to Rs 40,500 per kg, while weekly-based delivery slipped by Rs 215 to Rs 38,640 per kg. Silver coins however spurted by Rs 1,000 to Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces. Gold of 99.9 per cent and 99.5 per cent purity ruled flat at Rs 32,200 and Rs 32,050 per ten gram, respectively. It had lost Rs 120 in yesterday’s trade. Sovereign was also unaltered at Rs 24,800 per piece of eight gram.