New Delhi, Oct 1: Silver prices tumbled by Rs 1,300 to Rs 53,000 per kg in the national capital today on emergence of profit-selling by stockists amid weak global trend. Gold, however, held steady at Rs 26,640 per 10 gram in restricted trade.
Traders said profit-selling by stockists, at the current high levels, and weak trend in the New York market pulled down silver prices here.
Retailers, meanwhile, refrained from buying at prevailing higher levels, which kept the gold prices steady, they said. Silver in global markets, which normally set price trend on the domestic front, shed 2.28 per cent to USD 29.97 dollar an ounce in New York.
In the domestic market, silver ready plunged Rs 1,300 to Rs 53,000 per kg and weekly-based delivery by Rs 1,030 to Rs 51,130 per kg. Silver coins also tumbled by Rs 2,000 to Rs 58,000 for buying and Rs 59,000 for selling of 100 pieces. On the other hand, gold of 99.9 and 99.5 per cent purity held steady at Rs 26,640 and Rs 26,500 per 10 gram respectively. Sovereign ended flat at Rs 21,700 per piece of 8 gram, in restricted buying.
In Mumbai bullion market, gold prices advanced at the domestic bullion market here today on good buying by investors and jewellery offtake following higher global trend. Silver, however, declined moderately in a thin trade amidst speculative selling as well as reduced industrial buying.
Standard gold (99.5 purity) surged by Rs 185 per 10 grams to close at Rs 26,180 from Friday's closing level of Rs 25,995.
Pure gold (99.9 purity) rallied by Rs 190 per 10 grams to finish at Rs 26,310 from overnight close of Rs 26,120. However, silver ready (.999 fineness) declined by Rs 155 per kg to conclude at Rs 51,725 from Rs 51,880 yesterday. In overseas markets, gold gained, attracting low level buying over its safe heaven tag on a subdued weekend trade. In New York, gold for December delivery rose by USD 5 to USD 1,622.30 an ounce on the COMEX division of the NYMEX.
December silver was down by 44 cents to USD 30.08 an ounce. PTI
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