Silver slips from record to Rs53,600, gold falls by Rs140

Silver slipped from its record level by losing Rs1,000 to Rs53,600 per kg today on profit selling by stockists, amid a weak global trend. Gold also declined by Rs140 to Rs21,170 per 10 grams on sluggish demand at existing high levels.

Trading sentiments turned bearish as gold dropped in global markets, as Japan's strongest quake and a worsening nuclear accident spurred concern that the global economic recovery may be hurt, prompting a sell off in commodities.

Besides, subdued demand from retailers on ending of the current marriage season further influenced the market sentiments and advised stockists to book profits at existing high levels.

In global markets, gold fell 1.3% to $1,408.07 an ounce and silver by 3.6% to $34.62 an ounce.

On the domestic front, silver ready dropped by Rs1,000 to Rs53,600 per kg. It had climbed to an all-time high of Rs54,600 per kg yesterday. Silver weekly-based delivery also plunged by Rs765 to Rs53,285 per kg.

Silver coins declined by Rs200 to Rs58,000 for buying and Rs58,500 for selling of 100 pieces.

In line with the general weakening trend, gold of 99.9 and 99.5% purity fell by Rs140 each to Rs21,170 and Rs21,050 per 10 grams, respectively. Sovereigns remained steady at Rs17,500 per piece of eight grams in thin trade.