Silver drops on stockists offering, gold steady

MUMBAI: Silver prices dropped at the bullion market here today on the back of fresh offloading stockists and speculators following a bearish trend in international markets.

On the other hand gold held steady in the absence of any major buying activity despite firm overseas trend.

Silver ready (.999 fineness) fell by Rs 155 per kg to finish at Rs 46,795 from Wednesday's closing level of Rs 46,950.

However, standard gold (99.5 per cent purity) and pure gold (99.9 per cent purity) closed unaltered at Rs 20,370 and Rs 20,470 per 10 grams respectively.

In New York, gold futures ended higher on concerns over spreading of unrest across the Middle East that lured investors to safe-haven assets.

Gold for April delivery gained to USD 1,375.10 an ounce on the COMEX division of NYMEX, while March silver slipped to USD 30.63 an ounce as against USD 30.70.