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Silver declined by Rs 1,500, the maximum this week, to Rs 54,700 per kg today on stockists selling sparked by reports of a steep fall in prices overseas.
Gold retreated by Rs 75 to Rs 22,685 per 10 grams on subdued local demand at existing high levels. The yellow metal had gained Rs 105 in yesterday’s trade.
Trading sentiment dampened after the precious metals fell in the global markets as lower energy costs eroded the appeal of the metals as a hedge against inflation.
Gold shed $13.50 to $1,529.20 an ounce in New York, while silver fell by 2.9 per cent to $36.32 an ounce.
A weak domestic market trend due to subdued demand at prevailing high levels also put pressure on the precious metals’ prices.
At the domestic front, silver ready tumbled by Rs 1,500 to Rs 54,700 per kg, its biggest fall since June 3, when it had shed Rs 2,000.
Silver weekly-based delivery plunged by Rs 1,605 to Rs 54,415 per kg. However, silver coins held steady at Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.
Gold of 99.9 and 99.5 per cent purity fell by Rs 75 each to Rs 22,685 and Rs 22,565 per 10 grams, respectively. Sovereigns continued to be asked at the previous level of Rs 18,700 per piece of eight grams.
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