Silver slips below Rs 45k level on weak global cues,gold eases

Posted By: Pti
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New Delhi, Jan 14 (PTI) Both the precious metals, silverand gold extended losses in the national capital today onheavy sell-off by stockists on the back of weakening globaltrend.

While silver dropped further by Rs 750 to Rs 44,500 perkg in line with a loss of Rs 225 in the previous session, goldby Rs 5 to Rs 20,680 per 10 grams.

Market analysts said beside weakening trend in globalmarkets, heavy sell-off by stockists mainly pulled down silverprices.

They said subdued retailers demand at prevailing higherlevels further influenced the trading sentiment.

Gold in global markets, which normally sets a price trendon the domestic front, fell by USD 3.80 to USD 1,369.98 anounce in London.

On the domestic front, Silver ready remained underselling pressure from stockists and plummeted by Rs 750 to Rs44,500 per kg and weekly-based delivery by Rs 660 to Rs 44,320per kg. Silver coins continued to trade around last level ofRs 50,500 for buying and Rs 50,600 for selling of 100 pieces.

In line with a general weakening trend, gold of 99.9 and99.5 per cent purity traded lower by Rs 5 each to Rs 20,680and Rs 20,560 per 10 grams, respectively. However, sovereignremained stable at Rs 16,950 per piece of eight grams on lackof buying support.

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