Gold, silver tumble on low offtake, weak global cues

New Delhi: Both the precious metals, gold and silver fell in the bullion market on Thursday, where gold tumbled by Rs 40 to Rs 20,630 per 10 grams and silver by Rs 410 to Rs 44,390 per kg, respectively on reduced offtake at prevailing higher levels, amid weak global trends.

Gold in the global markets, which normally sets the price trend on the domestic front, fell by 0.48 per cent to USD 1363.90 an ounce and silver by 1.39 per cent to USD 28.37.

On the domestic front, silver ready plunged by Rs 410 to Rs 44,390 per kg and weekly-based delivery by Rs 545 to Rs 44,105 per kg. Silver coins followed suit and lost Rs 200 to Rs 50,400 for buying and Rs 50,500 for selling of 100 pieces.

In line with the general weakening trend, gold of 99.9 and 99.5 per cent purity fell by Rs 40 each to Rs 20,630 and Rs 20,510 per 10 grams, respectively. Sovereigns remained stable at Rs 16,900 per piece of eight grams in limited deals.