Gold, silver tumble from record level on scrap sale

Gold and silver prices today fell from their record high levels on emergence of scrap ornament sale by retailers. While gold fell by Rs 110 to Rs 20,910 per ten grams, silver declined by Rs 70 to Rs 43,880 per kg.

Trading sentiment turned weak, as retailers indulged in selling scrap jewllery at existing higher levels, while waiting for an appropriate chance to buy new ornaments. 

Reduced offtake by stockists also pulled down demand for the precious metals. On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs 110 each to Rs 20,910 and Rs 20,800 per ten gram respectively.

The gold had climbed to an all time high of Rs 21,020 in the previous session. However, sovereign was constant at Rs 16,700 per piece of eight gram in restricted buying.

In line with a general weak trend, silver ready declined by Rs 70 to Rs 43,880 per kg.

The white metal had surged to an all-time high level of Rs 43,950 in the previous trade. Silver weekly-based delivery held steady at Rs 43,450 per kg, on lack of speculator's support.

Silver coins lost Rs 100 to Rs 46,400 for buying and Rs 46,500 for selling of 100 pieces.