Silver slips to Rs 49,300; gold down Rs 20 on weak global cues

Silver snapped its winning streak today and fell by Rs 400 to Rs 49,300 per kg on the bullion market on stockists reducing their holdings amid weak global cues, while gold declined by Rs 20 to Rs 20,940 per 10 grams on sluggish demand at prevailing high levels.

The silver in overseas markets fell by 0.5 per cent to $32.92 an ounce, after advancing yesterday to $34.31, the highest level since March 1980. Similarly, gold fell by $7.60 to $1,399 an ounce in New York.

On the domestic front, silver ready dropped by Rs 400 to Rs 49,300 per kg. The metal had climbed to a record high at Rs 49,700 per kg yesterday.

 

The silver weekly-based delivery tumbled by Rs 600 to Rs 49,130 per kg on lack of speculator's support. It had rallied to Rs 49,730 per kg in the previous session.

Silver coin lost Rs 100 to Rs 53,900 for buying and Rs 54,400 for selling of 100 pieces.

Gold of 99.9 and 99.5 per cent purity declined by Rs 20 each to Rs 20,940 and Rs 20,820 per 10 grams, respectively. However, sovereign continued being enquired at previous level of Rs 17,000 per piece of eight grams.