Silver plunges from record highs, gold declines

Silver prices plunged from overnight record highs at the domestic bullion market here today amid heavy profit-taking by speculators and overseas cues.
    
The white metal which had spiked to Rs75,000 a kilogram in yesterday's trading on heavy speculative activity which could not sustain the peak level and attracted heavy profit-booking.
    
Gold also declined further in the absence of buying interest at the higher levels.
    
In Europe, silver and gold tumbled today as investors cashing in on high levels took to selling in a big way.
    
Silver ready (.999 fineness) tanked by a hefty Rs5,150 per kg to close at Rs69,870 from Monday's closing level of Rs75,020.
    
Standard gold (99.5 purity) dropped by Rs195 per 10 grams to end at Rs21,800 from Rs21,995 in the previous session.
    
Pure gold (99.9 purity) dipped by Rs205 per 10 grams to Rs21,900 as compared to Rs22,105 yesterday. Spot gold was bid at $1,504.61 an ounce in early trade as against $1,508.45 late in New York on Monday.
    
Spot silver was bid at $45.92 an ounce from $46.90.