Both the precious metals, silver and gold, crashed on the bullion market today, as traders reduced offtake at existing high levels due to easing demand.
While gold prices fell by Rs. 30 to Rs. 20,790 per 10 grams, silver dropped by Rs. 300 to Rs. 45,000 per kg.
Market analysts said retail customers and stockists refrained from buying on anticipation of a further fall in prices of precious metals, which added to the bearish market sentiments.
Gold of 99.9 and 99.5 per cent purity declined by Rs. 30 each to Rs. 20,790 and Rs. 20,670 per 10 grams, respectively.
Sovereign remained stable at Rs. 16,800- per piece of eight grams- on restricted buying support.
In line with a general weakening trend, silver ready dropped by Rs. 300 to Rs. 45,000 per kg and weekly-based delivery by Rs. 45 to Rs. 44,585 per kg.
Silver coins continued to be traded around previous levels of Rs. 49,500 for buying and Rs. 49,600 for selling of 100 pieces.