Silver, gold continue to decline on weak global cues
Silver prices fell for the third straight day in the national capital today by losing Rs 620 to Rs 41,530 per kg on heavy off-loading by stockists on the back of a weak global trend.
Gold also met with resistance at higher levels and declined by Rs 30 to Rs 20,670 per ten grams on fall in demand.
Trading sentiment remained bearish after gold declined the most in a week in global markets on expectations that China might slow down buying the metal to check inflation and a rally in the US dollar.
Gold in global market, which normally sets the price trend on the domestic front here, fell by $10.70 to $1,364.30 an ounce in New York. Silver also slid by 83.10 cents to $26.77 an ounce.
On the domestic front, silver ready remained under persistent selling pressure from stockists and tumbled further by Rs 620 to Rs 41,530 per kg and weekly-based delivery by Rs 640 to Rs 40,880 per kg.
Silver coins remained steady at Rs 45,900 for buying and Rs 46,000 for selling of 100 pieces in restricted buying.
With a general weak trend, the gold of 99.9 and 99.5 per cent purity met with resistance at existing higher levels and lost Rs 30 each to Rs 20,670 and Rs 20,550 per ten grams, respectively.
However, sovereign found some buying from retailers and gained Rs 100 to Rs 16,600 per piece of eight grams.