Silver price gains Rs 350 on global cues, gold ends flat

Silver prices recovered by Rs 350 to Rs 53,200 per kg in the bullion market here today on buying by stockists amid strong global cues, while gold prices ended flat at Rs 30,030 per 10 grams on sluggish demand.

Traders said fresh buying by stockists and industrial units, driven by a firming trend in the overseas markets, helped silver prices snap a two-day losing trend.

The metal lost Rs 950 in the previous two sessions.

In Singapore, silver gained 0.4 per cent to USD 27.21 an ounce.

They added that gold remained steady in thin trading due to prevailing higher levels.

On the domestic front, silver ready gained by Rs 350 to Rs 53,200 per kg on increased offtake by industrial units and coin makers.

Silver weekly-based delivery rose by Rs 105 to Rs 53,230 per kg after losing Rs 965 in last two trading sessions.

Silver coins spurted by Rs 1,000 to Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.

Gold of 99.9 and 99.5 per cent purity held steady at Rs 30,030 and Rs 29,830 per 10 grams, respectively.

Sovereign lacked necessary buying support and declined by Rs 50 to Rs 24,400 per piece of eight grams.

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