Silver slips on low demand; gold steady
Silver weakened by Rs 160 to Rs 41,190 per kg at the bullion market today owing to reduced off take by consuming industries...
Silver weakened by Rs 160 to Rs 41,190 per kg at the bullion market today owing to reduced offtake by consuming industries, while gold held steady on scattered deals. Traders attributed the slide in silver to easing demand from industrial units and coin makers at the local spot market. However, gold ruled flat at Rs 31,800 per ten gram in scattered deals despite slightly better trend overseas.
Globally, gold edged higher by 0.04 percent to USD 1,279.40 an ounce in Singapore as a trade dispute between the US and China triggered safe-haven buying. In the national capital, silver ready fell by Rs 160 to Rs 41,190 per kg and weekly-based delivery shed Rs 65 to Rs 40,135 per kg. Silver coins, however, continued to be traded at the previous level of Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.
On the other hand, gold of 99.9 percent and 99.5 percent purity ended flat at Rs 31,800 and Rs 31,650 per ten gram, respectively. It had lost Rs 390 in Saturday's trade. Sovereign also remained unaltered at Rs 24,800 per piece of eight gram.