Both silver and gold fell from record high levels in the national capital on Saturday on reduced offtake at existing higher levels amid weak global cues.
While gold fell by Rs. 20 to Rs. 20,100 per ten gram and silver by Rs. 100 to Rs. 36,900 per kg.
Trading sentiment turned bearish after gold prices declined in the global market as the dollar rebounded, reducing demand for the metal as an alternative investment.
Gold in global market, which normally sets the price trend on the domestic front, fell by $12.30 to $ 1368.90 an ounce and silver traded lower by 1.26 per cent to $24.32 an ounce.
Traders said that the fall in demand at existing higher levels and a weak global trend mainly led to the decline in both gold and silver prices.
The gold of 99.9 and 99.5 per cent purity declined by Rs. 20 each to Rs. 20,100 and Rs. 20,000 per ten grams, respectively. The metal had surged to an all time high level of Rs. 20,120 in yesterday’s trading.
However, sovereign held steady at Rs. 15,750 per piece of eight grams in restricted buying at prevailing levels.
In line with a general weak trend, silver ready fell by Rs. 100 to Rs. 36,900 per kg. It had climbed to an all time high of Rs. 37,000 per kg in the previous trading.
Silver weekly-based delivery followed suit and declined by Rs. 310 to Rs. 36,250 per kg on lack of speculator’s support.
Silver coins continued to trade around their previous level of Rs. 36,100 for buying and Rs. 36,200 for selling of 100 pieces.