Silver price slides on global cues; gold ends steady

New Delhi-India (Oct 3)  Silver prices declined by Rs 50 to Rs 45,450 per kg at the bullion market today, tracking a weak trend overseas amid reduced offtake by consuming industries at domestic spot market.

On the other hand, gold held steady at Rs 31,200 per 10 grams in scattered deals even as it weakened overseas.

Traders said besides a weak trend overseas, reduced offtake by industrial units and coin makers at the local spot market, led to decline in silver prices.

 Globally, silver fell 0.39 per cent to USD 19.07 an ounce in Singapore today. Gold shed 0.11 per cent to USD 1,314.40 an ounce on speculation that Deutsche Bank is working to mend its finances, eroding demand for safe haven.

In the national capital, silver ready fell by Rs 50 to Rs Rs 45,450 per kg and weekly-based delivery Rs 125 to Rs 45,600 per kg.

Silver coins, however, continued to be traded at the previous level of Rs 77,000 for buying and Rs 78,000 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 31,200 and Rs 31,050 per 10 grams, respectively. It had lost Rs 325 in Saturday’s trade.

Sovereign, too, remained flat at Rs 24,500 per piece of eight grams.

Source: FinancialExpress