Silver slides Rs 3,400; gold stays flat

New Delhi: Silver prices declined by Rs3,400 to Rs2.68 lakh per kilogram, and gold traded almost flat at Rs1,64,300 per 10 grams in the national capital as a firm US dollar dampened the precious metals’ demand amid volatile global markets.

According to the All India Sarafa Association, the white metal extended its losses for the third straight day by plunging Rs3,400, or nearly 1.3 per cent, to Rs2,68,300 per kg from Friday’s closing level of Rs2,71,700 per kg. Meanwhile, gold of 99.9 per cent purity rose marginally by Rs200 to Rs1,64,300 per 10 grams.

The yellow metal had settled at Rs1,64,100 per 10 grams in the previous market session, as per the Association. Globally, spot gold fell $65.23, or 1.26 per cent, to trade at $5,105.89 per ounce, while silver was also trading 0.53 per cent lower at $83.92 per ounce.

“Silver extended last week’s decline as a sharp rise in crude oil prices raised concerns that inflationary pressures could intensify again,” Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities.