Silver slips to Rs 53,100 on global cues, gold sheds Rs 105 | business | Hindustan Times
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Silver slips to Rs 53,100 on global cues, gold sheds Rs 105

business Updated: Jun 14, 2011 16:03 IST
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Silver and gold prices declined for third straight session today on sustained selling by stockists influenced by a weak global trend.

While silver slipped by Rs 950 to Rs 53,100 per kg, gold lost Rs 105 to Rs 22,540 per 10 grams. Silver coins followed suit and tumbled by Rs 1,000 to Rs 59,000 for buying and Rs 60,000 for selling of 100 pieces. Selling pressure gathered momentum as precious metals continued to decline overseas after some investors sold the metals' to recover losses in other commodities and equities. Gold plunged by $16.80 to $1,515.30 an ounce and silver shed 3.98% to $4.76 an ounce.

Also, retail customers refrained from buying at prevailing high levels, which dampened the trading sentiment to some extent. On the domestic front, silver ready declined by Rs 950 to Rs 53,100 per kg. It lost Rs 2,150 during the last two trading sessions.

Silver weekly-based delivery also moved down by Rs 1,060 to Rs 52,840 per kg, after losing Rs 2,110 in the last two sessions.

In a similar fashion, the gold of 99.9 and 99.5 per cent purity fell by Rs 105 each to Rs 22,540 and Rs 22,420 per 10 grams, respectively. The yellow metal lost Rs 115 during the last two sessions. Sovereigns also shed Rs 50 to Rs 18,650 per piece of eight grams.