Silver snaps six-day rally, down by Rs 3,300; gold up by Rs 95

New Delhi, Jan 23: Snapping a six-day rally, silver today tumbled by Rs 3,300 to Rs 52,200 per kg today on reduced offtake by industrial units at existing higher levels. However, gold gained further by Rs 95 to Rs 27,960 per 10 grams on sustained buying by jewellers and retailers for the marriage season.

Traders said reduced offtake by industrial units and coin-makers at prevailing higher levels mainly led to a steep fall in silver prices. Gold improved further on sustained buying by jewellers and retailers for the marriage season amid a better trend in the overseas markets, they said.

In the Asian region, the yellow metal rose by USD 2.90 to USD 1,669 an ounce in the Asian region. On the domestic front, silver ready tumbled by Rs 3,300 to Rs 52,200 per kg. The metal had gained Rs 3,500 in last six trading sesions.

However, silver weekly-based delivery rose by Rs 510 to Rs 56,010 per kg on speculative buying support, while silver coins held steady at Rs 65,000 for buying and Rs 66000 for selling of 100 pieces. On the other hand, gold of 99.9 and 99.5 per cent purity added Rs 95 each to Rs 27,960 and Rs 27,820 per 10 grams, respectively.

It had gained Rs 75 in the previous session. Sovereigns continued to trade in a narrow range in limited deals and settled at previous level of Rs 23,300 per piece of eight grams.

PTI