Silver slips to Rs49,300; gold down Rs20 on weak global cues

Silver snapped its winning streak today and fell by Rs400 to Rs49,300 per kg on the bullion market on stockists reducing their holdings amid weak global cues, while gold declined by Rs20 to Rs20,940 per 10 grams on sluggish demand at prevailing high levels.

The silver in overseas markets fell by 0.5% to $32.92 an ounce, after advancing yesterday to $34.31, the highest level since March 1980. Similarly, gold fell by $7.60 to $1,399 an ounce in New York.

On the domestic front, silver ready dropped by Rs400 to Rs49,300 per kg. The metal had climbed to a record high at Rs49,700 per kg yesterday.

The silver weekly-based delivery tumbled by Rs600 to Rs49,130 per kg on lack of speculator's support. It had rallied to Rs49,730 per kg in the previous session.

Silver coin lost Rs100 to Rs53,900 for buying and Rs54,400 for selling of 100 pieces.

Gold of 99.9 and 99.5% purity declined by Rs20 each to Rs20,940 and Rs20,820 per 10 grams, respectively. However, sovereign continued being enquired at previous level of Rs17,000 per piece of eight grams.