Gold prices held steady at Rs. 31,480 per 10 grams in the bullion market in New Delhi on Monday on thin trade, while silver prices fell by Rs. 500 to Rs. 60,500 per kg on stockists selling amid a weak global trend.
Silver coins dipped by Rs. 1,000 to Rs. 75,000 for buying and Rs. 76,000 for selling of 100 pieces.
Traders said sentiment turned bearish after gold dropped to a one-week low in global markets on speculation that the eurozone debt crisis might continue to damp demand for raw materials.
In Singapore, gold fell 0.8% to USD 1,766.80 an ounce, the lowest level since October 1, while silver slumped 2.2% to USD 33.77 an ounce.
Stockists selling on the back of sluggish demand at prevailing higher levels also influenced the trading sentiment, traders said.
On the domestic front, silver ready fell by Rs. 500 to Rs. 60,500 per kg and weekly-based delivery by Rs. 595 to Rs. 61,200 per kg.
Gold of 99.9 and 99.5% purity remained steady at Rs. 31,480 and Rs. 31,280 per 10 grams, respectively.
Sovereign also remained unchanged at Rs. 25,400 per kg on restricted deals.