New Delhi: Both the precious metals, gold and silver prices, tumbled in the national capital on Thursday on heavy sell-off by stockists in tandem with a sharp fall in global markets. While gold plunged by Rs510 to Rs27,820 per 10 grams, silver lost Rs755 to Rs41,225 per kg on poor offtake by jewellers and industrial units. Traders said the sentiment dampened following a steep fall in gold prices in overseas markets on signs of economic recovery as sales of new US homes in June rose to a five-year high, mainly kept pressure on the precious metals. Gold in New York, which normally sets the price trend on the domestic front, fell by 1.1% to $1,320.30 an ounce, the biggest drop since 5 July and silver 1.2% to $20.02 an ounce last night. In addition, sluggish demand at prevailing higher levels further influenced the trading sentiment. On the domestic front, gold of 99.9 and 99.5% purity tumbled by Rs510 each to Rs27,820 and Rs27,620 per 10 grams, respectively. Sovereigns followed suit and lost Rs100 at Rs24,200 per piece of eight grams. In line with a weak general trend, silver ready dropped by Rs755 to Rs41,225 per kg and weekly-based delivery by Rs815 to Rs41,090 per kg, respectively. Silver coins also plunged by Rs1,000 to Rs79,000 for buying and Rs80,000 for selling of 100 pieces.

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