Recording its second biggest single-day fall this year, gold, on Friday, tumbled by Rs. 700 to Rs. 29,500 per 10 gram in the national capital due to heavy sell-off by stockists triggered by a meltdown in global markets. Earlier this year, the precious metal had lost Rs. 920 on March 1.
In line with the general weakening trend, silver also dropped by Rs.1,745 to Rs.53,755 per kg on poor offtake by industrial units.
In London, gold fell by 1.3 per cent to $1,569.52 an ounce and silver by 1.9 per cent to $28.05 an ounce.
In addition at the domestic front, sluggish demand among retailers and investors at prevailing higher levels further dampened the trading sentiment here, they added.
Gold of 99.9 and 99.5 per cent purity tumbled by Rs.700 each to Rs. 29,500 and Rs. 29,300 per 10 gram, respectively. The metal had lost Rs. 200 on Thursday.
Sovereigns followed suit and lost Rs. 300 to Rs. 23,900 per piece of eight gram.
Similarly, silver ready plunged by Rs. 1,745 to Rs. 53,755 and weekly-based delivery by Rs. 790 to Rs. 54,550 per kg. Silver coins followed suit and dropped by Rs.3,000 to Rs. 60,000 for buying and Rs.61,000 for selling of 100 pieces.
Keywords: bullion market