Yellow Metal Trip Up for another Day; Silver Ready Skids too

March 20 17:30 2014

silver2New Delhi, Thursday, March 20 – Rates of precious metal slipped for the third consecutive day by jumping down INR 255 to INR 30,425 each 10 grams in New Delhi on March 20 on nonstop offloading by stockists in association with deteriorating worldwide style.

Following the same trend, story was not different for white metal as well as it dropped by INR 540 at INR 45,700 each kilogram on bad off-take by factories and jewelers.

Since the United States Federal Reserve pointed a hike in interest rates, the sentiment stayed bearish on stockists offloading and declining global fashion, a few brokers stated.

On one hand, the white metal changed hand a little bit down from 20.61 on Wednesday to $ 20.59 per ounce, while on the other hand, the yellow metal in Singapore descended by 0.3 % to $ 1,325.66 per ounce.

By INR 255 apiece, the valuable metal of 99.5 % and 99.9 % purity fell to INR 30,225 and INR 30,425 per ten grams, respectively. The gold had previously shed INR 150 in past couple of deals.

In the same way, silver ready skidded by INR 540 to INR 45,700 and weekly-based delivery by INR 340 to INR 45,500 each kilogram. Not to forget that silver had shed INR 960 in last couple of days.

Coins made from white metal also fell down by INR 1,000 to INR 86,000 for offloading of 100 pieces and INR 85,000 for purchasing purposes.

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