Silver falls by Rs 400, gold remains flat
Silver extended losses for the second straight day today losing Rs 400 to trade at Rs 52,000 per kg while gold remained flat at Rs 27,840 per 10 grams at the bullion market here.
Traders said sustained selling by stockists in tandem with a weakening global trend mainly kept pressure on the silver prices.
Reduced offtake by industrial units and coin makers further fuelled the downtrend in silver, they said.
Silver in global markets, which normally set price trend on the domestic front, silver fell by 2 per cent to 29.52 dollar an ounce in New York.
On the domestic front, silver ready remained under selling pressure and dropped further by Rs 400 to Rs 52,000 per kg and weekly-based delivery by Rs 270 to Rs 52,145 per kg. The metal had lost Rs 400 yesterday.
Silver coins followed suit and plunged by Rs 1,000 to Rs 58,000 for buying and Rs 59,000 for selling of 100 pieces.
Gold 99.9 and 99.5 purity held steady at Rs 27,840 per 10 grams and Rs 27,700 per 10 grams respectively. Sovereign was also flat at Rs 23,300 per piece of 8 grams.
Be the first to comment.
