Silver takes sharp fall of Rs 550 on global cues, gold steady
Silver saw losses for the third straight day, with prices falling by a sharp Rs 550 to Rs 42,250 per kg today, much in line with a weak trend overseas. Gold remained flat at Rs 29,900 per 10 grams in scattered deals even as it softened globally.
Traders put the weakness in silver down to lower demand from industrial units and coin makers at the domestic spot market, along with the global downtrend. Overseas, silver fell by 0.47 per cent to $18.16 an ounce and gold by 0.41 per cent to $1,283.90 an ounce in Singapore. In the national capital, silver ready remained under selling pressure and lost another Rs 550 at Rs 42,250 per kg and weekly-based delivery slipped below the Rs 42,000-mark by plunging Rs 425 to Rs 41,830 per kg.
However, silver coins continued to be traded at the previous level of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces. On the other hand, gold of 99.9 per cent and 99.5 per cent purity went steady at Rs 29,900 and Rs 29,750 per 10 grams, respectively.
Sovereign followed suit and was unchanged at Rs 24,500 per piece of eight grams.