Silver slips to 53,100 on global cues, gold sheds 105

Silver slips to 53,100 on global cues, gold sheds 105

New Delhi: Silver and gold prices declined for third straight session Tuesday on sustained selling by stockists influenced by a weak global trend. While silver slipped by 950 to 53,100 per kg, gold lost 105 to 22,540 per 10 grams.

Silver coins followed suit and tumbled by 1,000 to 59,000 for buying and 60,000 for selling of 100 pieces.

Selling pressure gathered momentum as precious metals continued to decline overseas after some investors sold the metals’ to recover losses in other commodities and equities.

Gold plunged by $16.80 to $1,515.30 an ounce and silver shed 3.98% to $34.76 an ounce.

Also, retail customers refrained from buying at prevailing high levels, which dampened the trading sentiment to some extent.

On the domestic front, silver ready declined by 950 to 53,100 per kg. It lost 2,150 during the last two trading sessions.

Silver weekly-based delivery also moved down by 1,060 to 52,840 per kg, after losing 2,110 in the last two sessions.

In a similar fashion, the gold of 99.9 and 99.5% purity fell by 105 each to 22,540 and 22,420 per 10 grams, respectively. The yellow metal lost 115 during the last two sessions.

Sovereigns also shed 50 to 18,650 per piece of eight grams.