Silver slips from record to Rs 60,500, gold down by Rs 110

Silver snapped its eight-day rally today and fell by Rs 1,200 to Rs 60,500 per kg, due to profit selling by stockists at existing high levels, amid a weakening global trend. Gold also fell by Rs 110 to Rs 21,430 per 10 grams on reduced offtake at prevailing high levels.  

Trading sentiments turned bearish after gold declined in global markets, as some investors sold the precious metal after concerns about European debt, fighting in Libya and Japan's nuclear crisis pushed prices to a record. 

In global markets, gold fell by $9.50, or 0.65 per cent, to $1,453.70 an ounce and silver also lost 0.27 per cent to $40.11 an ounce.

On the domestic front, silver ready tumbled by Rs 1,200 to Rs 60,500 per kg. It had climbed to all-time high level of Rs 61,700 per kg in the previous trade.

Silver weekly-based delivery followed suit and plunged by Rs 1,250 to Rs 59,660 per kg. Silver coins remained steady at Rs 66,500 for buying and Rs 67,000 for selling of 100 pieces in reduced offtake at existing higher levels.

In line with a general weakening trend, gold of 99.9 and 99.5 per cent purity fell by Rs 110 each to Rs 21,430 and Rs 21,310 per 10 grams, respectively.

Sovereigns, however, continued to be asked around previous levels of Rs 17,700 per piece of eight grams in limited deals.