Both the precious metals, silver and gold, extended losses in the national Capital on Friday on heavy sell-off by stockists on the back of weakening global trend.
While silver dropped further by Rs. 750 to Rs. 44,500 per kg in line with a loss of Rs. 225 in the previous session, gold fell by Rs. 5 to Rs. 20,680 per 10 grams.
Market analysts said besides the weakening trend in global markets, heavy sell-off by stockists mainly pulled down silver prices.
They said subdued retailers demand at prevailing higher levels further influenced the trading sentiment.
Gold in global markets, which normally sets a price trend on the domestic front, fell by $3.80 to $1,369.98 an ounce in London.
On the domestic front, silver ready remained under selling pressure from stockists and plummeted by Rs. 750 to Rs. 44,500 per kg and weekly-based delivery by Rs. 660 to Rs. 44,320 per kg. Silver coins continued to trade around last level of Rs. 50,500 for buying and Rs. 50,600 for selling of 100 pieces.
In line with a general weakening trend, gold of 99.9 and 99.5 per cent purity traded lower by Rs. 5 each to Rs. 20,680 and Rs. 20,560 per 10 grams, respectively. However, sovereign remained stable at Rs. 16,950 per piece of eight grams on lack of buying support.