Silver tumbled at the domestic bullion market on Wednesday on hectic profit-taking by investors and speculators on the back of weakening overseas trend.
Gold also dropped on the lack of local buying interest amid subdued jewellery off-take.
Silver ready (.999 fineness) tanked by Rs. 1,405 per kg to close at Rs. 55,030 from Tuesday’s closing level of Rs. 56,435 per kg.
Standard gold (99.5 purity) fell by Rs. 180 per 10 grams to finish at Rs. 22,335 from overnight closing level of Rs. 22,515.
Pure gold (99.9 purity) dipped by Rs. 175 per 10 grams to end at Rs. 22,445 as compared to Rs. 22,620 previously.
In the overseas market, the precious metals declined as dollar edged higher amidst U.S. Federal Reserves’ next policy move after its Chairman acknowledged a slowdown in the world’s largest economy.
In Europe, spot gold was bid at USD 1,540.75 an ounce in early trade as compared to USD 1,542.85 late in New York yesterday.
Spot silver was bid at USD 36.82 an ounce as against to USD 37.11.