Gold prices retreated sharply from its overnight new record high at the domestic bullion market on the back of heavy unwinding by stockists and traders, triggered by sharp fall in international markets. Silver also came under massive selling pressure from speculators.
On the global front, gold plummeted from its all-time high level in yesterday's trade after sharp rebound in global equity markets and euro along with concerns over CME Group Inc decision to hike
margin requirements, lead investors to liquidate their long positions.
Standard gold (99.5 purity) slumped by Rs 380 per 10 grams to end at Rs 25,815 from Thursday's closing level of Rs 26,195.
Pure gold (99.9 purity) also slid by a similar margin of Rs 380 per 10 grams to close at Rs 25,940 as compared to Rs 26,320 on Thursday.
Silver ready (.999 fineness) tanked by Rs 1,085 per kilogram to finish Rs 59,025 from Rs 60,110 previously.
In Europe, spot gold was bid at $1,752.31 an ounce in early trade, while silver was bid at $38.31 an ounce.
