Reduce Offtake Pulls Silver Down, Gold Still Steady

By Dayafter Bureau, Agencies

Silver prices declined further by Rs 150 to Rs 42,800 per kg today due to reduced offtake by industrial units amid weak cues overseas, while gold remained steady at Rs 29,900 per 10 grams at the bullion market.

Traders attributed the fall in silver prices to reduced offtake by industrial units and coin makers at the domestic spot market amid weak trend overseas.

Globally, silver fell 0.16 per cent to USD 18.35 an ounce in Singapore.

In the national capital, silver ready drifted lower by Rs 150 to Rs 42,800 per kg and weekly-based delivery by Rs 325 to Rs 42,255 per kg. However, silver coins remained unaltered at 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 held steady at Rs 29,900 and Rs 29,750 per 10 grams, respectively. It had shed Rs 50 yesterday. Sovereign, however, remained unchanged at Rs 24,500 per piece of eight grams