Silver prices spike Rs 700 on global cues, gold steady

New Delhi: Silver stood out on Tuesday by reclaiming the Rs 37,000-mark with a jump of Rs 700 at Rs 37,200 per kg, powered by a firm trend overseas and increased local offtake.

The gains came after four straight days of fall.

Gold, however, held steady at Rs 28,780 per 10 grams in scattered deals.

Traders attributed the spike in silver prices to positive global cues and pick-up in demand from industrial units at the domestic spot market.

Globally, silver rose 0.45 per cent to USD 15.64 an ounce and gold 0.16 percent to USD 1,214.10 in New York on Monday.

In the national capital, silver ready traded higher by Rs 700 to Rs 37,200 per kg and weekly-based delivery Rs 665 to Rs 36,250 per kg.

Silver coins, however, plunged by Rs 1,000 to Rs 68,000 for buying and Rs 69,000 for selling of 100 pieces.

On the other hand, gold of 99.9 percent and 99.5 percent purity ruled flat at Rs 28,780 and Rs 28,630 per 10 grams, respectively. The precious metal had lost Rs 370 in the past two days.

Sovereign, too, held steady at Rs 24,300 per piece of eight grams.