New Delhi, India
Gold Silver Price Crash: Gold and silver prices recorded a sharp decline in the national capital’s bullion market on Thursday. Gold prices fell by ₹1,600 to ₹1.524 lakh per 10 grams, while silver declined by ₹5,000 to ₹2.37 lakh per kilogram.
The decline in gold prices marked the fourth consecutive trading session of losses. According to traders, the strengthening US dollar and rising crude oil prices weighed on gold prices. Weak signals from global markets and profit booking at higher levels also added pressure to precious metals.
Gold Falls by ₹1,600
According to local bullion traders, 99.9% pure gold had closed at ₹1.54 lakh per 10 grams on Wednesday. On Thursday, it declined by ₹1,600 to reach ₹1,52,400 per 10 grams, including applicable taxes.
Continued selling pressure has kept gold prices weak. Traders said developments in international markets are also influencing prices in the domestic bullion market.
Silver Drops by ₹5,000
Silver prices also witnessed a sharp decline on Thursday. After remaining unchanged during the previous two trading sessions, silver fell by ₹5,000 to ₹2.37 lakh per kilogram.
Silver had closed at ₹2.42 lakh per kilogram in the previous trading session.
According to market experts and traders, profit booking at elevated gold prices, weak global cues, and a stronger US dollar are putting pressure on precious metals. Investors will now closely watch developments in global markets and movements in the US dollar for further direction.
