Gold today dropped from record levels due to selling by stockists at prevailing higher levels amid a weakening trend on the overseas front.
The precious metal, which had climbed to all-time high of Rs 32,900 in the previous session, fell back sharply by Rs 400 to Rs 32,500 per 10 grams on stockists booking profits. With the general weakening trend, silver also declined by Rs 100 to Rs 61,900 per kg on reduced offtake by industrial units and coin makers.
Trading sentiment turned bearish as stockist who had created large positions in the previous few sessions on expectations of rising demand for the coming festival and marriage season, booked profits at existing higher levels.
The retail customers refrained from buying at costly levels and waiting for correction after gold prices eased in global markets further supported the down-trend.
The gold in overseas markets, which normally set price trend on the domestic front, fell from six months high of USD 1,780.20 to USD 1,772.70 an ounce and silver by 0.4 per cent to USD 34.65 an ounce. On the domestic front, gold of 99.9 and 99.5 per cent purity plunged by Rs 400 each to Rs 32,500 and Rs 32,300 per 10 grams, respectively. Sovereigns lost Rs 150 to Rs 25,450 per piece of eight grams. Silver ready fell by Rs 100 to Rs 61,900 per kg and weekly-based delivery by Rs 985 to Rs 64,280 per kg on reduced offtake by speculators. Silver coins dropped by Rs 1,000 to Rs 78,000 for buying and Rs 79,000 for selling of 100 peices.
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