Mumbai: Silver dropped by Rs750 per kilo to its 11-month low on the bullion market here on 27 June at Rs17,270 while gold declined by Rs90 per ten grams to eight- month low of Rs8,560 due to stockists offerings on the back of steep fall in global markets.
Lack of local demand and any major trigger aided the downward trend, traders said.
Silver ready (.999 fineness) closed at Rs17,270 from the previous close of Rs18,020. It had ended at Rs17,160 on July 19, 2006.
Standard gold (99.5 purity) fell by Rs 90 per ten grams to Rs8,560 from Rs8,650 on 26 June. Standard gold was last finished at Rs8,555 on 12 October, 2006.
Pure gold (99.9 purity) also slipped to Rs8,610 from Rs8,700.
In the global markets, Hong Kong gold ended at $642.50/643.20 per ounce against the previous closing level of $649.20/649.90 and in London, it was fixed lower in the morning at $642.85 per ounce against the previous afternoon fixing of $647.00.
In New York, gold and silver futures fell sharply on Tuesday, 25 June, largely on technically oriented selling, with fund liquidation taking place, traders said.
August gold fell by $9.40 to $645.30 an ounce on the Comex division of the New York Mercantile Exchange.
Comex July silver also fell by 59.7 cents to $12.28.