Silver maintains downtrend, gold ends flat

Mumbai: Silver prices continued its slide at the domestic bullion market here today, following consistent speculative sell-off by traders and investors in the absence of industrial support. The yellow metal, however traded lacklustre, though standard gold gained marginally on the back of stray local buying interest and pure gold settling at previous levels.

Silver ready (.999 fineness) fell by Rs 215 per kg to conclude at Rs 54,140 from Tuesday`s closing level of Rs 54,355. However, standard gold (99.5 purity) added by Rs 5 to close at Rs 29,070 per 10 gm from Rs 29,065 previously. Pure gold (99.9 purity) finished unaltered at Rs 29,200 per 10 gm.

In Europe, gold dipped following cautiousness over European summit amidst concerns that leaders would unable to bring definite measure to tackle eurozone debt crisis. Spot gold was bid down at USD 1,560.99 an ounce in early trade and silver was bid lower at USD 27.79 an ounce.