Silver sheds Rs 50 on sustained selling, gold steady

Silver today started the week on a bearish note by extending losses for the second straight session and fell by Rs 50 to Rs 52,500 per kg, on sustained selling by stockists on subdued demand. However, gold held steady at Rs 28,040 per 10 grams in restricted deals.

The trading sentiment turned bearish in the absence of any direction, following closure of some overseas markets for Christmas holidays, traders said.

Gold in global markets, which normally sets the price trend on the domestic front, remained unchanged in Asia as markets in Hong Kong, Singapore and Australia were closed.

While gold held steady, silver fell further on sustained selling by stockists, following subdued demand from industrial units and jewellery makers.

On the domestic front, silver ready remained under selling pressure and lost another Rs 50 to Rs 52,500 per kg and weekly-based delivery by Rs 80 to Rs 53,030 per kg, while silver coins remained steady at Rs 59,000 for buying and Rs 60,000 for selling of 100 pieces.

On the other hand, gold of 99.9 and 99.5% purity remained stable at Rs 28,040 and Rs 27,900 per 10 grams, respectively. Sovereigns followed suit and traded unchanged at at Rs 23,300 per piece of eight grams in scattered deals.