Silver slips from record to Rs 56,200, gold down by Rs 70

Silver slipped from its record level today by losing Rs 200 to Rs 56,200 per kg, owing to profit selling amid a weak global trend. Gold also fell by Rs 70 to Rs 21,170 per 10 grams due to sluggish demand at existing high levels.  

Market analysts said sluggish demand from retailers due to the off-marriage season and a weakening trend in global markets led to fall in both the precious metal prices. Silver prices eased as stockists booked profits, after climbing to record levels in the previous session, they said 

In global markets, gold fell by $.80 to $1,430.80 an ounce and silver by 0.67 per cent to $37.17 an ounce.

On the domestic front, silver ready fell by Rs 200 to Rs 56,200 per kg. It had climbed to an all-time high of Rs 56,400 per kg yesterday. Silver weekly-based delivery also lost Rs 300 to Rs 55,800 per kg.

Silver coins tumbled by Rs 1600 to Rs 59,200 for buying and Rs 59,700 for selling of 100 pieces on reduced offtake at existing high levels.

In line with the general weakening trend, gold of 99.9 and 99.5 per cent purity fell by Rs 70 each to Rs 21,170 and Rs 21,050 per 10 grams, respectively. Sovereigns remained flat at Rs 17,500 per piece of eight grams in thin trade.