Both precious metals, gold and silver, witnessed major losses on Friday, falling by Rs. 230 to Rs. 20,400 per 10 grams and Rs. 1,540 to Rs. 42,850 per kg, respectively, due to heavy sell off by stockists on weak global cues, amid sluggish demand.
Market analysts said sudden fall in the metals’ prices overseas triggered the fall in prices here.
Gold in global markets, which normally sets a price trend on the domestic front, dropped by $24.90 to $1345.60 an ounce and silver lost 4.52 per cent to $27.47 an ounce in New York on Thursday night.
On the domestic front, silver ready remained under heavy selling pressure from stockists and plunged by Rs. 1,540 to Rs. 42,850 per kg and weekly-based delivery by Rs. 1,660 to Rs. 42,445 per kg.
Silver coins followed suit and plummeted by Rs. 1,900 to Rs. 48,500 for buying and Rs. 48,600 for selling of 100 pieces.
In line with the general weakening trend, gold of 99.9 and 99.5 per cent purity tumbled by Rs. 230 each to Rs. 20,400 and Rs. 20,280 per 10 grams, respectively. Sovereign followed suit and fell by Rs. 50 to Rs. 16,850 per piece of eight grams.
