Comments
Both the precious metals, silver and gold, snapped their upward rally today on reduced offtake at existing high levels, amid a weakening global trend.
Silver fell by Rs 4,300 to Rs 70,000 per kg, while gold declined by Rs 160 to Rs 22,220 per 10 grams. Silver coins also tumbled by Rs 4,500 to Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.
Both silver and gold had climbed to an all-time high level of Rs 74,300 per kg and Rs 22,380 per 10 grams, respectively on Monday.
Selling pressure gathered momentum as the prices fell from record levels in the global markets due to rebound in dollar. Also, some investors sold the metals to lock in gains and raised cash to cover the losses in other financial markets.
In the global markets, gold dropped by 0.8 per cent to $1,495.75 an ounce. It climbed to an all-time high of $1,518.32 on Monday. Silver also tumbled by 4.8 per cent to $44.66 an ounce, after rising to $49.79 on Monday.
At the domestic front, silver ready dropped by Rs 4,300 to Rs 70,000 per kg and weekly-based delivery by Rs 5,010 to Rs 67,790 per kg.
In line with a general weakening trend, gold of 99.9 and 99.5 per cent purity fell by Rs 160 each to Rs 22,220 and Rs 22,100 per 10 grams, respectively. Sovereigns, however, held steady at Rs 18,200 per piece of eight grams in restricted trade.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.