Silver plunges by Rs 775/kg; gold falls

New Delhi, Aug 22 (PTI) Continuing downward spiral forthe second straight session, silver prices today tumbled by Rs775 to Rs 45,200 per kg at the bullion market, tracking a weaktrend overseas amid poor offtake by domestic industrial units. Gold also drifted lower by Rs 200 to trade at one-weeklow of Rs 31,050 per ten grams owing to muted demand fromjewellers. Sentiment was dampaned largley in line with a weak trendoverseas as the dollar strengthened on US interest rate hikehopes this year after Federal Reserve Vice Chairman StanleyFischer said country’s eocnomy was picking up, erodingdemand for the the precious metals as a haven investment,bullion traders said. Besides, poor off-take by industrial units and coinmakers at domestic spot market weighed on silver prices, theyadded. Globally, silver fell 2.03 per cent to USD 18.86 an ounceand gold retreated 0.59 per cent to USD 1,333.20 an ounce inSingapore. In the national capital, silver ready remained underselling pressure and tumbled by Rs 775 to Rs 45,200 per kg andweekly-based delivery cracked below Rs 45,000-mark by losingRs 960 to Rs 44,485 per kg. Silver coins, too plummetted by Rs 1,000 to Rs 74,000 forbuying and Rs 75,000 for selling of 100 pieces. Gold of 99.9 per cent and 99.5 per cent purity lost Rs200 at Rs 31,050 and Rs 30,900 per 10 grams, respectively, alevel last seen on August 12. Sovereign, too, shed Rs 100 to Rs 24,200 per piece ofeight grams. PTI SUN KPSMKJ