Silver retreats after 6-session rally, slumps Rs 1,065 on weak global cues

New Delhi: Snapping its six-day long winning run, silver prices retreated from 28-month high by falling Rs 1,065 to Rs 46,650 per kg at the bullion market today, tracking a weak trend overseas amid reduced offtake by industrial units at the domestic market.

Bars of 1000 gram silver are seen in this picture illustration at a precious metal refinery in Istanbul

However, gold held steady in scattered deals despite a weak trend in global markets.

Bullion traders said sentiment turned bearish after a weak trajectory in global markets as the dollar snapped five days of losses, eroding demand for a safe haven. Globally, silver slumped 3.9 percent to $19.53 an ounce and gold dropped 0.6 percent to $1,342.91 an ounce in Singapore.

Moreover, reduced offtake by industrial users and coin makers at existing levels, weighed on the silver prices, they said.

Besides, profit-booking by speculators after recent gains, too fuelled the downtrend in silver, they added. In the national capital, silver ready cracked the crucial Rs 47,000-mark by falling Rs 1,065 to Rs 46,650 per kg. It had risen by Rs 5,615 in the previous six sessions. Silver weekly-based delivery lost Rs 500 at Rs 46,300 per kg. Its coins also dropped by Rs 2,000 to Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

On the other hand, gold of 99.9 and 99.5 per cent purity held steady at Rs 30,650 and Rs 30,500 per ten grams, respectively on scattered buying by jewellers. Sovereign followed suit and settled flat at Rs 23,400 per piece of eight grams.

Updated Date: Jul 05, 2016 15:09 PM

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