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Source: media reports

Silver melts as stockists off-load; gold rebounds

Silver melts as stockists off-load; gold rebounds
PTI
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First Published: Tue, Aug 21 2007. 07 25 PM IST
New Delhi: Silver prices tumbled on the bullion market here on 21 August on emergence of selling by stockists amid increased supply and ended lower by Rs250 at Rs 16,600 a kilo.
However, gold attracted buyers at existing lower levels and recovered almost all the losses suffered in previous day’s trading.
Marketmen said stockists indulged in selling part of their holdings in view of a steep fall in its prices during last few sessions.
They said fresh inflow of stocks from outside further fuelled selling pressure.
Silver ready declined sharply by Rs 250 at Rs 16,600 a kilo due to slackness in demand against increased arrivals. Silver for weekly-based delivery, continued to be under selling pressure for the second consecutive day and lost Rs.120 at Rs.16,380 a kilo as speculators remained on the side-lines amid sharp volatility.
Meanwhile, silver coins continued to be asked at previous level of Rs23,300 for buying and Rs23,400 for selling of 100 coins.
Standard gold and ornaments recovered previous day’s losses on pick up in demand and moved up by Rs10 each at Rs8,920 and Rs8,770 per 10 gram respectively while sovereign continued to be asked at last level of Rs 7,600 per piece of eight gram.
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First Published: Tue, Aug 21 2007. 07 25 PM IST