Silver price in India slips from record high to Rs 70,000 on reduced offtake

NEW DELHI: Both the precious metals, silver and gold, snapped their upward rally today on reduced offtake at existing high levels, amid a weakening global trend. While silver fell by Rs 4,300 to Rs 70,000 per kg, gold declined by Rs 160 to Rs 22,220 per 10 grams.
Silver coins also tumbled by Rs 4,500 to Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.
Both silver and gold had climbed to all-time high levels of Rs 74,300 per kg and Rs 22,380 per 10 grams, respectively in yesterday's trade.
Selling pressure also gathered momentum due to the metals' prices falling from record levels in global markets as the dollar rebounded and some investors sold the metal to lock in gains and raised cash to cover losses in other financial markets.
In global markets, gold dropped by 0.8 per cent to USD 1,495.75 an ounce. It climbed to an all-time high of USD 1,518.32 yesterday. Silver also tumbled by 4.8 per cent to USD 44.66 an ounce, after rising to USD 49.79 yesterday.
On the domestic front, silver ready dropped by Rs 4,300 to Rs 70,000 per kg and weekly-based delivery by Rs 5,010 to Rs 67,790 per kg.
In line with a general weakening trend, gold of 99.9 and 99.5 per cent purity fell by Rs 160 each to Rs 22,220 and Rs 22,100 per 10 grams, respectively. Sovereigns, however, held steady at Rs 18,200 per piece of eight grams in restricted trade.

(Source: http://economictimes.indiatimes.com/markets/commodities/silver-slips-from-record-high-to-rs-70000-on-reduced-offtake/articleshow/8089808.cms)