Gold and silver prices plummet: Gold drops over 17%, silver trades around Rs 3.4 Lakh
PTC Web Desk: Gold and silver has witnessed a sharp decline in prices, with gold seeing a record fall of Rs 85,000 and silver dropping several thousand rupees. Before the market opened on MCX this morning, gold prices fell by Rs 578 to trade at Rs 1,49,075 per 10 gram. Silver for the March contract was trading at Rs 2,91,922 per kg.
The fall was also reflected in the international market. April delivery gold, after touching a high of $5,480 per ounce, fell more than 11%. By around 6 PM IST in the U.S., gold was trading at $4,763 per ounce. Meanwhile, March delivery silver, which had peaked at $118.34, plummeted 31% to $78.83 per ounce, with intra-day lows of $74.15 per ounce during trading hours.
Currently, after a 17.53% decline, 24-carat gold is trading around Rs 1,60,580 per 10 grams in the local bullion market. Prices for 22-carat and 18-carat gold stand at Rs 1,47,200 and Rs 1,20,440 per 10 gram, respectively. Silver continues to trade near Rs 3,40,000 per kg.
Earlier, silver had closed at Rs 3,99,893 per kg on Thursday, before falling to Rs 2,91,922 on Friday. During Thursday’s trading session, silver had touched a high of Rs 4,20,048 per kg.
Market analysts attribute the steep fall in precious metals to a combination of profit-booking, strengthening of the US dollar, and global economic uncertainties. Investors are advised to monitor international trends and domestic demand closely before making trading decisions.
- With inputs from agencies
