Silver slips below Rs 38,000-mark; gold steady

Bullion: Silver prices slumped below the Rs 38,000-mark by falling Rs 575 to end at Rs 37,775 per kg at the bullion market during the week on weak cues from overseas markets and reduced offtake by consuming industries at the domestic spot market.

However, gold after moving both ways on alternate bouts of buying and selling finally ended flat at Rs 31,350 per 10 grams.

Marketmen said besides reduced offtake by industrial units and coin makers at domestic spot market, a weak trend overseas mainly put pressure on silver prices.

Globally, silver ended the week lower at USD 14.17 an ounce and gold at USD 1,196.20 an ounce in New York.

In the national capital, silver ready ended lower by Rs 575 to Rs 37,775 per kg, while weekly-based delivery closed higher by Rs 50 to Rs 37,165 per kg. During the week, the white metal hovered between Rs 37,850 and Rs 37,600 per kg.

Also, silver coins plunged by Rs 1,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

On the other hand, gold of 99.9 percent and 99.5 percent purity started the week on a subdued note and slipped further to Rs 31,200 and Rs 31,050 per 10 grams respectively on lack of buying support.

Later, it bounced back to Rs 31,510 and Rs 31,360 on local jewelers buying along with a firm trend overseas amid depreciating rupee against the US dollar. It finally settled at Rs 31,350 and Rs 31,200 per 10 grams respectively, showing no change from previous week's close.

Sovereign also moved in a narrow range in scattered deals and pegged at last level of Rs 24,500 per piece of eight grams. PTI SUN KPS ABM