While silver prices dropped for the third day and lost Rs 725 at Rs 43,500 per kg on poor offtake by industrial units and coin makers.

In Mumbai, gold of 99.9 and 99.5 percent purity dropped by Rs 320 each to Rs 29,630 and Rs 29,480 per ten grams,  respectively. Silver declined by Rs 450 to Rs 43,800 per kg.
Traders said sustained selling by stockists against sluggish demand amid a weakening global trend, where gold dropped below USD 1,200 an ounce as the Federal Reserve scaled back monetary stimulus, mainly kept pressure on precious metals.
Gold in New York, which normally sets price trend on the domestic front, fell by 3.4 percent to USD 1,193.60 an ounce and silver by 4.4 percent to USD 19.18 an ounce.
In Delhi, gold of 99.9 and 99.5 percent purity tumbled by Rs 205 each to Rs 30,160 and Rs 29,960 per ten grams, respectively. It had shed Rs 65 on Thursday. Sovereign declined by Rs 50 to Rs 25,150 per piece of eight gram.
In a similar fashion, silver ready dropped by Rs 725 to Rs 43,500 per kg and weekly-based delivery by Rs 780 to Rs 43,800 per kg. The white metal had lost Rs 855 in the previous two sessions. Silver coins also plummeted by Rs 1,000 to Rs 84,000 for buying and Rs 85,000 for selling of 100 pieces.


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