Silver, gold slip amid weak market

New Delhi, Mar 12 (PTI): Silver fell by Rs 1,100 to Rs 53,500 per kg in the bullion market yesterday, due to profit selling by stockists, amid a weak global trend. Gold also fell by Rs 200 to Rs 21,120 per 10 grams, owing to reduced offtake by jewellers and retailers at existing high levels. Trading sentiments turned bearish as retail customers refrained from purchasing precious metals at existing high levels, amid a weak global trend. In global markets, while silver fell by 2.35 per cent to USD 35.28 an ounce, gold declined sharply by 1.40 per cent to USD 1,411.10 an ounce. On the domestic front, silver ready dropped by Rs 1,100 to Rs 53,500 per kg. It had climbed to an all-time high at Rs 54,600 per kg on Thursday. Silver weekly-based delivery followed suit and plunged by Rs 1,090 to Rs 53,090 per kg.