Home > market > stock-market-news > Silver prices weaken on muted demand, domestic gold prices stay steady

New Delhi: Silver prices declined by Rs100 to Rs41,400 per kg on Wednesday owing to slack demand from consuming industries at the domestic spot market. On the other hand, gold remained steady at Rs28,450 per 10 grams in scattered deals even as it firmed up overseas.

Traders attributed the slide in silver prices to a reduced offtake by industrial units and coin makers at the local spot market. Globally, gold rose 0.41% to $1,162.70 an ounce and silver by 1.13 % to $17.07 an ounce in Singapore ahead of the outcome of the ongoing Federal Reserve meet which is expected to tighten its policy sooner than later.

In Delhi, silver ready drifted lower by 00 to 1,400 per kg and weekly-based delivery shed 10 at 1,480.

Silver coins, however, continued to be at the previous level of Rs72,000 for buying and Rs73,000 for selling of 100 pieces. On the other hand, gold of 99.9 % and 99.5% purity held steady at Rs28,450 and Rs28,300 per 10 grams, respectively. It had lost Rs100 in Tuesday’s trade. Sovereign, however, ruled flat at Rs24,200 per piece of eight grams.

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