ENM: Silver falls further on sustained selling, weak global cues
NEW DELHI: Silver prices fell further by Rs 200 at Rs 26,400 per kg in the bullion market here on sustained selling by stockists while gold shed
Rs 10 at Rs 16,090 per ten gram on lack of support.
Marketmen said sustained selling by stockists influenced by weakening trend in overseas markets mainly pulled down silver prices. They said reduced offtake by industrial units also put pressure on the silver prices. In London, silver for immediate delivery slipped one per cent to 16.66 dollar an ounce.
Gold prices eased as retail customer refrained to purchase the metal at this higher levels.
Silver ready fell by Rs 200 to Rs 26,400 per kg and weekly-based delivery by Rs 370 to Rs 26,945 per kg. In line with a general weakening trend, silver coins fell from its record levels by losing Rs 200 at Rs 31,800 for buying and Rs 31,900 for selling of 100 pieces.
Similarly, standard gold and ornaments shed Rs 10 each at Rs 16,090 and Rs 15,940 per ten gram respectively. However, sovereign continued to be asked around previous level of Rs 12,950 per piece of eight gram.