Silver bounces back, up by Rs 3100 on brisk buying support

New Delhi, Jan 24: Silver staged a strong recovery by jumping Rs 3,100 to Rs 55,300 per kg on Tuesday, on brisk buying by stockists and coin makers for the marriage season amid increased offtake by industrial units.

However, gold turned weak after two day's rise and shed Rs 30 to Rs 27,930 per 10 grams, owing to slackened demand at prevailing higher levels. Market anlysts said brisk buying by stockists and coin makers for the marriage season and increased offtake by industrial units mainly pushed up silver prices.

They said the gold prices declined on sluggish demand at prevailing higher levels amid weakening global trend. In the Asian region, gold fell by 0.3 per cent to USD 1,672.25 an ounce. On the domestic front, silver ready staged a strong comeback and surged by Rs 3,100 to Rs 55,300 per kg after losing Rs 3300 yesterday.

However, silver weekly-based delivery lacked necessary support and lost Rs 285 to Rs 55,725 per kg. Silver coins remained unchange at Rs 65,000 for buying and Rs 66,000 for selling of 100 pieces. On the other hand, gold of 99.9 and 99.5 per cent purity fell by Rs 30 each to Rs 27,930 and Rs 27,790 per 10 grams, respectively.

The metal had gained Rs 170 in last two trading sessions. Sovereigns held steady at Rs 23,300 per piece of eight grams in limited deals.

PTI