Silver cracks below Rs 46,000 on global cues

Down Rs 350; Gold held steady at Rs 31,150 per 10 grams

Silver on Saturday dropped Rs 350 to Rs 45,800 a kg, tracking a weak trend abroad.

On the other hand, gold held steady at Rs 31,150 per 10 grams in scattered deals.

Traders said besides weak trend overseas, reduced off-take by industrial units and coin makers in local spot market pulled down silver prices.

Globally, silver fell 2.78 per cent to $19.03 an ounce and gold 0.78 per cent to $1,327.80 an ounce in New York in yesterday’s trade. In the national capital, silver ready remained under selling pressure and lost another Rs 350 to Rs 45,800 per kg and weekly-based delivery Rs 345 to Rs 46,195 per kg.

Silver also plummeted by Rs 1,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.

On the other hand, gold of 99.9 per cent and 99.5 per cent purity held steady at Rs 31,150 and Rs 31,000 per 10 grams, respectively.

Sovereign, too, remained flat at Rs 24,400 per piece of eight grams.