Gold prices stay steady, silver prices fall Rs550 on global cues

By Selene 0

New Delhi: 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% to $ 18.16 an ounce and gold by 0.41% to $ 1,283.90 an ounce in Singapore.

Also Read: Gold prices may hit $ 1,350 by year end, says top forecaster

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% and 99.5% 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.

First Published: Wed, Apr 19 2017. 03 29 PM IST

Source: Livemint.com