Silver tumbles to Rs54,700 on global cues, gold sheds Rs75

Silver tumbles to Rs54,700 on global cues, gold sheds Rs75

New Delhi: Silver declined by Rs1,500, the maximum this week, to Rs54,700 per kg on Saturday on stockists selling sparked by reports of a steep fall in its prices overseas. Gold retreated by Rs75 to Rs22,685 per 10 grams on subdued local demand at existing high levels.

The yellow metal had gained Rs105 in Friday’s trade.

Trading sentiments dampened after precious metals fell in global markets as lower energy costs eroded the appeal of the metals as a hedge against inflation.

Gold shed $13.50 to $1,529.20 an ounce in New York, while silver fell by 2.9% to $36.32 an ounce.

A weak domestic market trend due to subdued demand at prevailing high levels also put pressure on the precious metals’ prices.

On the domestic front, silver ready tumbled by Rs1,500 to Rs54,700 per kg, its biggest fall since 3 June, when it had shed Rs2,000.

Silver weekly-based delivery plunged by Rs1,605 to Rs54,415 per kg.

However, silver coins held steady at Rs61,000 for buying and Rs62,000 for selling of 100 pieces.

The gold of 99.9 and 99.5% purity fell by Rs75 each to Rs22,685 and Rs22,565 per 10 grams, respectively.

Sovereigns continued to be asked at previous level of Rs18,700 per piece of eight grams.