Gold, silver prices fall as investors book profits; silver slips from record high
Analysts believe downturn may be temporary; prices likely to regain momentum in coming day
Gold and silver prices today: Gold and silver prices witnessed a sharp decline on January 8, amid profit booking by investors, according to data released by the India Bullion and Jewellers Association (IBJA).
The price of 24-carat gold dropped by Rs 1,232 to Rs 1,35,443 per 10 gm. In the previous session, the precious metal was trading at Rs 1,36,675 per 10 grams.
Silver also saw a significant correction. The price of one kilogram of silver fell by Rs 12,225 to Rs 2,35,775. On Tuesday, silver had surged to Rs 2,48,000 per kg, marking its all-time high.
Notably, silver prices had touched record levels on Tuesday, prompting investors to lock in gains. A similar trend was observed in gold, leading to today’s correction.
However, analysts believe the downturn may be temporary. Prices are likely to regain momentum in the coming days.