Silver prices today settled below the Rs 39,000-mark by falling a sharp Rs 1,335 to Rs 38,265 per kg, hammered by poor global cues amid lower offtake by industrial units. Gold lost Rs 90 at Rs 29,310 per 10 grams as demand from local jewellers faded. According to traders, muted demand from industrial units and coin makers at the domestic spot market, coupled with a weak trend overseas, kept the silver prices depressed.
Globally, silver fell 2.98 per cent to USD 16.11 an ounce and gold 1.73 per cent to USD 1,219.70 an ounce in New York yesterday as a stronger dollar dented the appeal of the precious metals. In the national capital, silver ready recorded a sharp fall of Rs 1,335 to Rs 38,265 per kg and weekly-based delivery crashed by Rs 1,090 to Rs 37,265.
Silver coins, however, held steady at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces. Gold of 99.9 per cent and 99.5 per cent purity declined by Rs 90 each to Rs 29,310 and Rs 29,160 per 10 grams, respectively. The precious metal had shed Rs 10 yesterday.
Sovereign, in restricted activity, also traded lower by Rs 100 to Rs 24,400 per piece of eight grams.