Gold price steady on weak demand, silver falls by Rs500
New Delhi: Silver prices slumped below the Rs40,000 per kg level by falling Rs500 to Rs39,800 per kg at the bullion market on Saturday, tracking a weak trend overseas amid reduced industrial offtake.
Gold, however, ruled steady at Rs31,250 per ten grams largely on scattered buying. Gold of 99.9% and 99.5% purity ruled flat at Rs31,250 and Rs31,100 per ten grams respectively. Sovereign followed suit and maintained a steady trend at Rs24,800 per piece of eight grams.
Traders on Saturday observed a ‘bandh’ to protest against the ongoing sealing of business establishments in the city. Marketmen said apart from a weak trend overseas, fall in demand from industrial units and coin makers at domestic spot market mainly led to fall in silver prices.
Globally, silver fell 3.63% to $16.58 an ounce and gold by 1.22% to $1,331.90 an ounce in New York on Friday. In the national capital, silver ready plunged by Rs500 to Rs39,800 per kg and weekly-based delivery by Rs835 to Rs38,605 per kg. Silver coins, however, held steady at Rs74,000 for buying and Rs75,000 for selling of 100 pieces.