Silver slips on sluggish demand

NEW DELHI-INDIA (Aug 19)  Silver declined by Rs 75 to Rs 50,610 per kg on lack of buying support after steepest rise in last week.

Traders said sluggish demand at prevailing higher levels and a weak global trend on speculation that some investors may sell the metal after prices rallied on increased physical demand mainly led to decline in gold and silver prices. 

In line with a general weak trend, silver declined by Rs 75 to Rs 50,610 per kg and weekly-based delivery by Rs 45 to Rs 50,490 per kg, respectively. The metal had surged Rs 9,275 in last eight sessions.

Meanwhile, silver coins climbed by Rs 1,000 to Rs 88,000 for buying and Rs 89,000 for selling of 100 pieces.