Gold steady at Rs 23,270, silver soars to Rs 58,000

Gold ended flat at Rs 23,270 per 10 grams in the national capital on Monday while silver soared by Rs 500 to touch Rs 58,000 per kg amid firm global cues.

Gold, which closed at Rs 23,270 per 10 grams in the previous session in New Delhi, rallied to a record high overseas.

Dealers said that the yellow metal ruled steady in the domestic market due to restricted buying activity. Silver soared on the back of a strong trend in the international market.

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In the Singapore market gold traded above $1,600 an ounce for the first time while silver moved up by 2.14 per cent to $40.11 an ounce.

Precious metals gained in global markets as investors sought a safe haven from the European debt crisis as the US politicians failed to reach an agreement on raising the debt ceiling, they added.

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On the domestic front, silver ready added Rs 500 to Rs 58,000 per kg. It had gained Rs 1,000 in the previous session. Similarly, the silver weekly-based delivery jumped up by Rs 910 to Rs 59,355 per kg.

Silver coins also spurted by Rs 1,500 to Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces.

However, gold of 99.9 and 99.5 per cent purity remained steady at Rs 23,270 and Rs 23,150 per 10 grams, respectively.

Sovereign continued to be asked around previous level of Rs 18,850 per piece of eight grams.