Silver slipped from its record level by losing Rs. 1,000 to Rs. 53,600 per kg today on profit selling by stockists, amid a weak global trend. Gold also declined by Rs. 140 to Rs. 21,170 per 10 grams on sluggish demand at existing high levels.
Trading sentiments turned bearish as gold dropped in global markets, as Japan’s strongest quake and a worsening nuclear accident spurred concern that the global economic recovery may be hurt, prompting a sell off in commodities.
Besides, subdued demand from retailers on ending of the current marriage season further influenced the market sentiments and advised stockists to book profits at existing high levels.
In global markets, gold fell 1.3 per cent to $ 1,408.07 an ounce and silver by 3.6 per cent to $ 34.62 an ounce.
On the domestic front, silver ready dropped by Rs. 1,000 to Rs. 53,600 per kg. It had climbed to an all-time high of Rs. 54,600 per kg yesterday. Silver weekly-based delivery also plunged by Rs. 765 to Rs. 53,285 per kg.
Silver coins declined by Rs. 200 to Rs. 58,000 for buying and Rs. 58,500 for selling of 100 pieces.
In line with the general weakening trend, gold of 99.9 and 99.5 per cent purity fell by Rs. 140 each to Rs. 21,170 and Rs. 21,050 per 10 grams, respectively. Sovereigns remained steady at Rs. 17,500 per piece of eight grams in thin trade.