Gold fell by Rs 330 per 10 gram to Rs 9,170 and silver by a whopping Rs 3,345 per kilo to Rs 19,605 as in the global market precious metals tumbled on fund and speculative long liquidation, dealers said.
Standard gold (99.5 purity) started the day steeply low at Rs 9,050, but later recovered marginally due to some local buying by stockists at lower level and closed at Rs 9,170, showing a sharp setback of Rs 330 over yesterday's close of Rs 9,500.
Similarly, pure gold (99.9 purity) also opened sharply weak at Rs 9,095 and later, recovered to finish at Rs 9,220, revealing a notable fall of Rs 340 from the last close of Rs 9,560.
Gold tumbled in New York markets where it climbed to $650 an ounce, the highest level not seen in 25-year, before falling today to less than $611 an ounce.
In the Asian market, gold closed sharply weak in Hong Kong at $619.20-620.20 an ounce from $645.00-645.80 on Thursday.
Ready silver (.999 fineness) resumed notably low at at Rs 18,980 and thereafter recoveres smartly on heavy industrial buying before closing at Rs 19,605, however showed a whopping Rs 3,345 over the last close of Rs 22,950.
Silver, which had climbed to a 25-year high of $14.69 an ounce on Thursday, plunged by whopping 92.5 cents or 7.4 per cent to $11.6 an ounce on speculation that this month's rally in precious metals is overdone.
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