Silver tumbles by Rs 800 to Rs 41,750, gold steady
Silver slipped below by Rs 800 due to reduced offtake by industrial units amid a weak trend overseas.
New Delhi: Silver slipped below Rs 42,000-mark by plunging Rs 800 to Rs 41,750 per kg today due to reduced offtake by industrial units amid a weak trend overseas, while gold held steady at the bullion market.
Gold remained flat at Rs 29,300 per 10 grams in scattered deals even as it strengthened overseas.
Traders attributed the sharp 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 1.54 per cent to USD 17.96 an ounce, while gold rose 0.18 per cent to USD 1,253.80 an ounce in New York yesterday.
In the national capital, silver ready dropped Rs 800 to Rs 41,750 per kg and weekly-based delivery plunged Rs 1,010 to Rs 41,380 per kg.
However, Silver coins continued to be traded at previous level of Rs 71,000 for buying and Rs 72,000 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 29,300 and Rs 29,150 per 10 grams, respectively. It had edged up by Rs 25 yesterday.
Sovereign, however, remained unchanged at Rs 24,400 per piece of eight grams. (PTI)