Silver slides on low offtake; gold steady

Silver today shed Rs 150 to Rs 39,500 per kg due to reduced offtake by consuming industries amid a weak trend overseas.

On the other hand, gold held steady at Rs 31,450 per 10 gram in scattered deals even as it weakened overseas.

Traders attributed the fall in silver prices to a reduced offtake by industrial units and coin makers at the local spot market.

Besides, a weak global trend as the dollar held steady after data showed the US economy added a larger-than-expected number of jobs in February, influenced the sentiment.

Globally, gold fell 0.11 per cent to USD 1,321.70 an ounce and silver by 0.24 per cent to USD 16.53 an ounce in Singapore.

In the national capital, silver ready declined by Rs 150 to Rs 39,500 per kg and weekly-based delivery by Rs 70 to Rs 38,875 per kg.

Silver coins however continued to be traded at the previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

Gold of 99.9 per cent and 99.5 per cent purity ruled flat at Rs 31,450 and Rs 31,300 per ten gram, respectively. It had gained Rs 100 in Saturday's trade.

Sovereign was also unaltered at Rs 24,800 per piece of eight gram.