Silver slips from record to Rs 53,500, gold down by Rs 200

Silver fell by Rs 1,100 to Rs 53,500 per kg in the bullion market on Friday, due to profit selling by stockists, amid a weak global trend. Gold also fell by Rs 200 to Rs 21,120 per 10 grams, owing to reduced offtake by jewellers and retailers at existing high levels.

Trading sentiments turned bearish as retail customers refrained from purchasing precious metals at existing high levels, amid a weak global trend.

In global markets, while silver fell 2.35 per cent to $35.28 an ounce, gold declined sharply by 1.40 per cent to $1,411.10 an ounce.

On the domestic front, silver ready dropped Rs 1,100 to Rs 53,500 per kg. It had climbed to an all-time high at Rs 54,600 per kg on Thursday. Silver weekly-based delivery followed suit and plunged by Rs 1,090 to Rs 53,090 per kg.

Silver coins, too, tumbled Rs 1,100 to Rs 58,000 for buying and Rs 58,500 for selling of 100 pieces.

Similarly, gold of 99.9 and 99.5 per cent purity tumbled by Rs 200 each to Rs 21,120 and Rs 21,000 (rpt) Rs 21,000 per 10 grams, respectively. Sovereigns lost Rs 50 to Rs 17,450 per piece of eight grams.