Silver struggles for sixth day, down Rs 320; gold steady

Silver prices remained off-colour for the sixth straight day, plunging Rs 320 to Rs 39,580 Monday, tracking a weak global trend amid reduced off-take by industrial units and coin makers at the domestic spot market.

On the other hand, gold held steady in the absence of any worth-while buying activity by jewellers.

Traders attributed the sustained fall in silver prices to a weakening trend overseas and slack demand.

In the national capital, silver ready remained under selling pressure as it lost another Rs 320 to Rs 39,580 per kg. The white metal had lost Rs 1,360 in the previous five days. Silver weekly-based delivery traded lower by Rs 435 to Rs 39,405 per kg.

Silver coins, however, traded at the previous level of Rs 67,000 for buying and Rs 68,000 for selling of 100 pieces.

Gold of 99.9% and 99.5% purity went flat at Rs 29,650 and Rs 29,500 per 10 grams, respectively.

Sovereign followed suit and hovered at the last level of Rs 23,100 per 8 grams.

Globally, gold fell 0.14% to $1,250.10 an ounce and silver by 1.03% to $16.33 an ounce in Singapore.