Both the precious metals, gold and silver, tumbled today as stockists offloaded their positions due to a weakening global trend, amid sluggish demand at existing levels. While silver lost Rs 1,500 to Rs 57,400 per kg, gold fell by Rs 285 to Rs 23,160 per 10 grams.
Trading sentiments turned bearish as gold fell in global markets after European leaders agreed on a multi-billion euro rescue package for Greece, curbing demand for the metal as an alternative investment.
In addition, some investors shifting their funds from weakening bullion to rising equity, also dampened trading sentiments to some extent.
Gold in global markets, which normally sets the price trend on the domestic front, fell from record levels by losing $5 to $1,585.70 an ounce and silver slipped by 1% to $39 an ounce.
On the domestic front, gold of 99.9 and 99.5% purity tumbled by Rs 285 each to Rs 23,160 and Rs 23,040 per 10 grams, respectively. Sovereigns followed suit and declined by Rs 50 to Rs 18,850 per piece of eight grams.
Similarly, silver ready took a plunge of Rs 1,500 to Rs 57,400 per kg and weekly-based delivery by Rs 1,345 to Rs 57,805 per kg on considerable fall in domestic demand at existing high levels and weak global trend.
Silver coins also moved down by Rs 500 to Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.
