Silver weakens on global cues, gold steady

Silver prices dropped by Rs 100 to Rs 41,400 per kg at the bullion market today due to reduced offtake by industrial units and weak global trends.

Gold held steady at Rs 30,850 per 10 gram in scattered deals.

Traders attributed the slide in silver prices to negative global cues amid reduced offtake by industrial units.

Globally, silver fell 0.03 per cent to USD 17.40 an ounce, while gold rose 0.08 per cent to Rs 1,304.30 an ounce in Singapore.

In the national capital, silver ready declined by Rs 100 to Rs 41,400 per kg, while weekly-based delivery strengthened by Rs 80 to Rs 40,480 per kg on speculative buying.

Silver coins however continued to be traded at previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

Gold of 99.9 per cent and 99.5 per cent purity ruled flat at Rs 30,850 and Rs 30,700 per 10 gram, respectively. The precious metal had gained Rs 50 in Saturday's trade.

Sovereign too held steady at Rs 24,700 per piece of eight gram.