New Delhi: Gold dropped from record levels by losing Rs 210 to Rs 23,260 per 10 gram on Wednesday on reduced offtake at existing high levels amid weak global cues. Silver also slipped by Rs 1,500 to Rs 58,000 per kg, snapping its three-day rising streak.

Silver coins followed suit and nosedived by Rs 2,500 to Rs 62,500 for buying and Rs 63,500 for selling of 100 pieces.

Trading sentiment turned bearish as the precious metals showed weakness in the global markets. While gold lost USD 16.30 to USD 1,588.80 an ounce, silver declined by 3.80 percent to USD 39.11 an ounce.

In addition, retail customers refrained from purchasing at existing high levels which further dampened the sentiments, they added.

On the domestic front, gold of 99.9 and 99.5 percent purity slipped by Rs 210 each to Rs 23,260 and Rs 23,140 per 10 grams, respectively.

Sovereigns also lost Rs 50 to Rs 18,850 per piece of eight grams.

In line with a general weakening trend, silver ready met with resistance at existing high levels and tumbled by Rs 1,500 to Rs 58,000 per kg. It had gained Rs 3,000 in the previous three trading sessions.

On the other hand, weekly-based delivery moved down by Rs 2,310 to Rs 58,290 per kg.

(Agencies)