Silver prices drop on muted demand, gold steady

NEW DELHI: Silver prices showed softness today falling Rs 200 to Rs 40,000 per kg due to lower traction among industrial units even as the white metal strengthened overseas.

Gold, however, remained steady at Rs 29,950 per 10 grams.

Traders attributed the price slide in silver to muted demand from industrial units at the domestic spot market, but the positive trend from overseas markets limited the fall.

Globally, silver rose 0.47 per cent to USD 17.02 an ounce and gold 0.31 per cent to USD 1,288.20 an ounce in Singapore.

In the national capital, silver ready declined by Rs 200 to Rs 40,000 per kg while the weekly-based delivery slipped below the Rs 39,000-mark by losing Rs 185 to Rs 38,880.

Silver coins, however, went up Rs 1,000 to Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.

On the other hand, gold of 99.9 per cent and 99.5 per cent purity was unchanged at Rs 29,950 and Rs 29,800 per 10 grams, respectively. It had gained Rs 90 on Saturday.

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

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PTI