Silver falls further to Rs 53,200, gold down by Rs 90

New Delhi, May 23 (PTI) Silver fell further for the
second straight session Monday and fell by Rs 100 to Rs 53,200
per kg due to sustained selling by stockists in tandem with a
weakening global trend. Gold also fell by Rs 90 to Rs 22,580
per 10 grams on sluggish demand at existing high levels.
Trading sentiments turned bearish after gold declined
in global markets as Europe's sovereign-debt crisis escalated,
triggering a sell off in commodities, including oil and base
metals, including precious metals.
Besides, low demand at existing high levels further
dampened the trading sentiments.
In global markets, gold fell by 0.3 per cent to USD
1,507.98 an ounce and silver by 1 per cent to USD 34.73 an
ounce.
On the domestic front, silver ready fell by Rs 100 to
Rs 53,200 per kg. It had lost Rs 900 in the last trading
session.
Silver weekly-based lost Rs 550 to Rs 53,050 per kg. Silver
coins followed suit and tumbled by Rs 1,000 to Rs 59,000 for
buying and Rs 60,000 for selling of 100 pieces.
Similarly, gold of 99.9 and 99.5 per cent purity
declined by Rs 90 each to Rs 22,580 and Rs 22,460 per 10
grams. The metal had gained Rs 300 in the previous session.
Sovereigns also came under selling pressure and shed
Rs 50 to Rs 18,550 per piece of eight grams.