Snapping out of their record- setting spree, silver and gold tumbled in the national capital today on emergence of profit-selling at existing higher levels and a weakening international trend.
The gold prices dropped by Rs. 300 to Rs. 19,600 per 10 grams and silver declined by Rs. 1000 to Rs. 34,300 per kg.
Market analysts said emergence of profit-selling at existing higher levels, triggered by a weakening global trend led to fall in both gold and silver prices.
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Gold in global markets, which normally set a price trend for the domestic market here, recorded a sharp fall of 15.50 dollar to 1,333.60 dollar an ounce last evening. Besides, retail customers’ refrain from buying at such high levels further influenced the trading sentiment.
Gold of 99.5 per cent and 99.5 per cent purity tumbled by Rs. 300 each to Rs. 19,600 and Rs. 19,500 per ten grams respectively. Sovereigns followed suit and lost Rs. 100 to Rs. 15,500 per piece of eight gram.
Silver ready, in line with the weakening trend,plummetted by Rs. 1,000 to trade below Rs. 35,000 to Rs. 34,300 per kg and weekly-based delivery by Rs. 955 to Rs. 33,760 per kg.
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Silver coins dropped by Rs. 300 to Rs. 35,400 for buying and Rs. 35,500 for selling of 100 pieces.