Silver takes control of Rs 39,000 level, gold weakens

Silver prices wrested control of the Rs 39,000-per kg level again by surging Rs 300 today, highlighting a firm trend overseas and increased offtake by consuming industries.
However, gold weakened by Rs 5 to Rs 29,100 per 10 grams on sluggish demand from local jewellers despite a firm trend overseas.
Traders attributed the rise in silver prices to positive global cues and pick-up in demand from industrial units. Besides, increased offtake by coin makers at the domestic spot market supported the upside.
Globally, silver rose by 0.97 per cent to USD 16.59 an ounce and gold by 0.51 per cent to USD 1,252.60 an ounce in Singapore.

In the national capital, silver ready rallied by Rs 300 to Rs 39,000 per kg and weekly-based delivery by Rs 225 to Rs 38,355 per kg.
Silver coin prices also jumped by Rs 1,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.
On the other hand, gold of 99.9 per cent and 99.5 per cent purity shed Rs 5 each to Rs 29,100 and Rs 28,950 per 10 grams, respectively. It had gained Rs 105 yesterday.
Sovereign remained flat at Rs 24,400 per piece of eight grams.