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Silver plunged by Rs 3,800 to Rs 63,600 per kg on Wednesday due to heavy offloading by speculators, amid a weakening global trend. Gold also declined by Rs 65 to Rs 22,655 per 10 grams on sluggish demand at existing high levels.
Silver coins followed suit and fell by Rs 3,000 to Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces.
Selling pressure further gathered momentum as silver dropped after market regulators increased margin requirements in futures trading and gold fell on reports that Soros Fund Management may have cut holdings.
In global markets, which normally sets price trend on the domestic front, silver slumped by 5 per cent to $40.46 per ounce, in continuation to 7.6 per cent yesterday and 5.2 per cent on May 2. Gold also fell by 0.2 per cent to $1,533.28 an ounce.
Emergence of profit-taking after recent rally and fall in demand at existing high levels also dampened trading sentiments to some extent.
On the domestic front, silver remained under heavy selling pressure and tumbled by Rs 3,800 to Rs 63,600 per kg and weekly—based delivery by Rs 4,000 to Rs 63,400 per kg.
Similarly, gold of 99.9 and 99.5 per cent slipped by Rs 65 each to Rs 22,655 and Rs 22,535 per 10 grams, respectively.
Sovereigns followed suit and lost Rs 100 to Rs 18,300 per piece of eight grams.
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