Gold, silver fall on reduced offtake at existing high levels

Both the precious metals, silver and gold, crashed on the bullion market today, as traders reduced offtake at existing high levels due to easing demand.

While gold prices fell by Rs 30 to Rs 20,790 per 10 grams, silver dropped by Rs 300 to Rs 45,000 per kg. 

Market analysts said retail customers and stockists refrained from buying on anticipation of a further fall in prices of  precious metals, which added to the bearish market sentiments.

Gold of 99.9 and 99.5 per cent purity declined by Rs 30 each to Rs 20,790 and Rs 20,670 per 10 grams, respectively.

Sovereign remained stable at Rs 16,800 per piece of eight grams on restricted buying support.

In line with a general weakening trend, silver ready dropped by Rs 300 to Rs 45,000 per kg and weekly-based delivery by Rs 45 to Rs 44,585 per kg.

Silver coins continued to be traded around previous levels of Rs 49,500 for buying and Rs 49,600 for selling of 100 pieces.