Silver dips belows Rs 50K, gold loses Rs 540 on global cues

New Delhi, Dec 29: Silver dipped below the Rs 50,000 mark after over 10 months on the bullion market here today on poor industrial off-take, while gold plunged by Rs 540 on weak global cues.

Gold lost Rs 540 to Rs 27,340 per 10 grams, while silver shed Rs 3,100 to Rs 49,100 per kg on poor industrial demand. Silver prices last traded below the Rs 50,000 level on February 25, this year, at Rs 49,500.

Silver coins followed suit as plunged by Rs 3,000 to Rs 54,000 for buying and Rs 55,000 for selling of 100 pieces. Traders said both gold and silver suffered a setback due to sluggish demand at existing higher levels amid a weakening global trend.

Sentiment turned bearish after gold in New York fell for the sixth day, dropping 1.1 per cent to USD 1,547.50 an ounce, the lowest price since September 26.

Back home, gold of 99.9 and 99.5 per cent purity lost Rs 540 each to Rs 27,340 and Rs 27,200 per 10 grams, respectively. Sovereigns lost Rs 100 to Rs 23,200 per piece of eight grams. Likewise, silver ready plunged by Rs 3,100 to Rs 49,100 per kg and weekly-based delivery by Rs 3,090 to Rs 49,800 per kg.

PTI