Silver extends prices,gold prices hold strong

Marketmen said sustained selling by stockists in tandem with a weak trend in overseas market mainly kept pressure on silver prices. The silver fell 1.6 per cent to USD 27.72 an ounce in London.

Sustained investors buying and weakening rupee and equities helped gold prices to strengthened marginally,they said.

On the domestic front,silver ready remained under selling pressure and surrendered Rs 300 to Rs 53,900 per kg and weekly-based delivery by Rs 215 to Rs 54,000 per kg. The white metal had lost Rs 300 in last two sessions.

Silver coins also dropped by Rs 1000 to Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.

On the other hand,gold of 99.9 and 99.5 per cent purity advanced by Rs 30 each to Rs 29,510 and Rs 29,370 per 10 grams,respectively. The yellow metal had gained Rs 15 on Tuesday.

However,sovereigns remained steady at Rs 23,800 per piece of eight grams in scattered deals.