Silver snaps four day rally; down Rs 100 on reduced offtake
28/07/2012 15:11 AST The Economic Times
Snapping its four-session rising streak, silver today fell by Rs 100 to Rs 53,000 per kg due to reduced offtake at prevailing levels.
However, gold steady at previous level of Rs 30,300 per 10 grams.
Traders said reduced offtake by coin makers at prevailing higher levels and subdued demand from other consuming industries mainly led to the fall in silver prices.
Restricted buying activity as demand declined at current prices helped gold to remain steady, they said.
In the national capital, silver ready declined by Rs 100 to Rs 53,000 per kg and weekly-based delivery by Rs 30 to Rs 53,250 per kg. The white metal had gained Rs 800 in last four trading sessions.
Silver coins remained steady at Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.
On the other hand, gold of 99.9 and 99.5 per cent purity traded flat at Rs 30,300 and Rs 30,100 per kg respectively, while sovereigns enquired at previous level of Rs 24,450 per piece of eight grams.
Precious Metals News
GulfBase GCC Index
Send this page to a friend