Both the precious metals, silver and gold tumbled today on heavy sell-off by stockists, amid a weakening global trend. While silver dropped by Rs 850 to Rs 51,850 per kg, gold took a plunge of Rs 270 to Rs 22,050 per 10 grams.
Trading sentiments turned bearish after gold declined in London on easing sovereign crisis in Greece, curbing demand for the metal as an alternative investment.
Gold in global markets, which normally sets the price trend on the domestic front, fell by $7.69 to $1,492.66 an ounce and silver by 1.4% to $34.21 an ounce.
In additions, reduced offtake by jewellery makers and retailers at existing higher levels further dampened trading sentiments.
On the domestic front, gold of 99.9 and 99.5% purity plunged by Rs 270 each to Rs 22,050 and Rs 21,930 per 10 grams, respectively, while sovereigns remained steady at Rs 18,650 per piece of eight grams in limited deals.
In line with a general weakening trend, silver ready tumbled by Rs 850 to Rs 51,850 per kg and weekly-based delivery by Rs 70 to Rs 51,850 per kg. Silver coins also fell by Rs 500 to Rs 56,500 for buying and Rs 57,500 for selling of 100 pieces.
