Silver down by Rs 100 on sluggish demand,gold recovers by Rs15

New Delhi, May 22:

on Tuesday extended losses for the second straight session by losing Rs 100 to Rs 54,200 per kg, due to sustained selling amid a weakening global trend. However,

bounced back and rose by Rs 15 to Rs 29,480 per 10 grams during the day.

Traders said sustained selling in silver by stockists in tandem with a weakening global trend, mainly kept the pressure on prices. In Singapore, silver fell 0.3 per cent to USD 28.37 an ounce. Scattered buying by retailers mainly helped gold prices to trade marginally higher, they said.

On the domestic front, silver ready fell further by Rs 100 to Rs 54,200 per kg and weekly-based delivery by Rs 145 to Rs 54,215 per kg. The white metal had lost Rs 200 yesterday. However, silver coins continued to be asked around previous level of Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.

On the other hand, gold of 99.9 and 99.5 per cent purity recovered by Rs 15 each to Rs 29,480 and Rs 29,340 per 10 grams, respectively. It had shed Rs 10 in the previous session. Meanwhile, sovereigns remained steady at Rs 23,800 per piece of eight grams in limited deals.

PTI