Starting the week on a bearish note on Monday by extending losses for the second straight session, silver fell Rs 50 to Rs 52,500 a kg on sustained selling by stockists on subdued demand. However, gold held steady at Rs 28,040 per 10 grams in restricted deals.The trading sentiment turned bearish in the absence of any direction, following closure of some overseas markets for Christmas holidays, traders said.
Gold in global markets, which normally sets the price trend on the domestic front, remained unchanged in Asia, as markets in Hong Kong, Singapore and Australia were closed. On the domestic front, silver ready remained under selling pressure and lost another Rs 50 to Rs 52,500 per kg and weekly-based delivery by Rs 80 to Rs 53,030 per kg.
On the other hand, gold of 99.9 and 99.5 per cent purity remained stable at Rs 28,040 and Rs 27,900 per 10 grams, respectively. Sovereigns followed suit and traded unchanged at at Rs 23,300 per piece of eight grams in scattered deals.
