Silver falls to Rs 53,600 on profit-booking

| Updated on: Mar 15, 2011
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Silver slipped from its record level by losing Rs 1,000 to Rs 53,600 per kg today on profit-broking by stockists, amid a weak global trend. Gold also declined by Rs 140 to Rs 21,170 per 10 grams on sluggish demand at existing high levels.

Trading sentiment turned bearish as gold dropped in the global markets, as Japan’s strongest quake and a worsening nuclear accident spurred concern that the global economic recovery may be hurt, prompting a sell off in commodities.

Besides, subdued demand from retailers due to end of the current marriage season further influenced the market sentiment and advised stockists to book profits at existing high levels.

In the global markets, gold fell 1.3 per cent to $1,408.07 an ounce and silver 3.6 per cent to $34.62 an ounce.

At the domestic front, silver ready dropped by Rs 1,000 to Rs 53,600 per kg. It climbed to an all-time high of Rs 54,600 per kg on Monday. Silver weekly-based delivery also plunged by Rs 765 to Rs 53,285 per kg.

Silver coins declined by Rs 200 to Rs 58,000 for buying and Rs 58,500 for selling of 100 pieces.

In line with the general weakening trend, gold of 99.9 and 99.5 per cent purity fell by Rs 140 each to Rs 21,170 and Rs 21,050 per 10 grams, respectively. Sovereigns remained steady at Rs 17,500 per piece of eight grams in thin trade.

Published on March 15, 2011

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