Silver slips from record level; gold eases on weak global cues

Silver fell from record levels by losing Rs 350 to Rs 32,950 per kg in the national capital today, on emergence of stockists' selling triggered by weakening global trend.

Gold prices, too, declined by Rs 70 to Rs 19,330 per ten grams on reduced buying at existing higher levels amid weakening global trend. Trading sentiment turned bearish after gold fell in London. Silver retreated by 1.6 per cent.

Gold in global markets, which normally sets a price trend on the domestic front here, fell by $6.03 to $1,288.32 an ounce and silver by 1.6 per cent at $21.13 an ounce.

Market analysts said absence of retail customers at existing higher levels was another reason behind price fall in the previous metals. Silver ready dropped by Rs 350 to Rs 32,950 per kg. It had surged to an all-time high level of Rs 33,300 per kg in previous trading.

Silver weekly-based delivery also lacked speculators' support and fell by Rs 325 to Rs 32,510 per kg.

Meanwhile, silver coins remained steady at Rs 35,300 for buying and Rs 35,400 for selling of 100 pieces in restricted buying activity in view of ongoing Shradh season, a period for mourning the dead.

n line with a general weakening trend, gold of 99.9 and 99.5 per cent purity fell by Rs 70 each to Rs 19,330 and Rs 19,230 per ten grams respectively, while sovereign continued to trade around previous level of Rs 15,300 per piece of eight grams.