Gold price begins 2017 on a steady note, ends at Rs 28,300 per ten grams

New Delhi: Gold prices ended steady at Rs 28,300 per ten grams on the first trading day of 2017 Monday on scattered demand from local jewellers.

Absence of cues from global markets which are closed, mainly kept gold prices unaltered here.

However, silver declined by Rs 100 to Rs 39,300 per kg owing to reduced offtake by industrial units.

At the Multi Commodity Exchange (MCX), gold for delivery in February traded higher by Rs 83, or 0.30 percent, to Rs 27,528 per 10 grams.

Analysts said building up of positions by speculators led to rise in gold prices at futures trade but absence of cues from global markets, which remained closed, capped the gains.

Traders said absence of cues from global markets which are closed, mainly kept gold prices unaltered here.

In the national capital, gold of 99.9 and 99.5 percent purity ruled flat at Rs 28,300 and Rs 28,150 per 10 grams, respectively. It had lost Rs 200 on the last trading session of 2016 on Saturday.

On the other hand, silver ready drifted lower by Rs 100 to Rs 39,300 per kg, while weekly-based delivery rose by Rs 495 to Rs 39,195 per kg.