Silver prices dropped on Friday, finishing the session down by more than 1% after hitting a yearly record high of $32.71 on September 26. Buyers' failure to cling to gains above $32.00 exacerbated the drop toward $31.60, but they held to weekly profits of over 1.50%.

Gold and silver prices retreated on Friday from record highs, but were positioned for weekly gains on growing anticipation of another bumper U.S. interest rate cut this year, as markets awaited a key inflation report for additional guidance.

In India, the 24-carat gold rate was ₹75,660 per 10 grams on September 27. The price of silver was quoted at ₹92,470 per kg in Mumbai.

Silver (XAG/USD) extends the overnight modest pullback from the $32.70 area, or its highest level since December 2012 and remains under some selling pressure during the Asian session on Friday. The white metal, however, attracts some dip-buyers at lower levels and currently trades just below the $32.00 mark, down 0.25% for the day.

In the last one week, gold prices have surged by Rs 1,900 per 10 gram while silver rose Rs 2,350/kg in the same time.