Silver loses Rs 200 on reduced offtake, gold ends flat

New Delhi, Mar 12: Snapping a two-day rising streak, silver prices declined by Rs 200 to Rs 58,000 per kg in the bullion market here today on reduced offtake amid weak global cues, while gold ended flat at Rs 28,265 per 10 grams.

Traders said reduced offtake by industrial units and coin makers amid a weak trend in global markets mainly kept pressure on silver prices. Restricted buying activity at existing higher levels kept gold prices steady, they said.

In Singapore, silver lost 1.2 per cent to USD 33.89 an ounce. Back home, silver ready declined by Rs 200 to Rs 58,000 per kg and weekly-based delivery shed Rs 315 to Rs 58,820 per kg.

The metal had gained Rs 400 in last two trading sessions. Silver coins remained steady at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces. Gold of 99.9 and 99.5 per cent purity closed flat at Rs 28,265 and Rs 28,125 per 10 grams, respectively. Sovereigns were also inquired at previous level of Rs 23,500 per piece of eight grams.

PTI