Gold, Silver New Rates: Silver prices witness a massive drop, plunge by Rs 27,700; gold prices also see a significant fall, drop by…

As per the All India Sarafa Association, silver prices dropped by Rs 27,700 or 9.23 percent, settling at Rs 2,72,300 per kilogram (inclusive of all taxes).

New Delhi: In a major development, the gold and silver prices witnessed a sharp decline in the bullion market of the national capital on Thursday. Investors resorted to heavy profit booking after the recent rally. As a result, gold prices fell by Rs 7,600 per 10 grams, while silver prices plunged by Rs 27,700 per kilogram. As per the All India Sarafa Association, silver prices dropped by Rs 27,700 or 9.23 percent, settling at Rs 2,72,300 per kilogram (inclusive of all taxes).

Talking to Navbharat Times, Lemon Markets Desk research analyst Gaurav Garg said that the silver prices witnessed sharp volatility on Thursday. Strong profit booking at higher levels offset the increased demand for safe-haven assets triggered by rising geopolitical tensions between the US, Israel, and Iran.

How did gold perform?

• Gold of 99.9 percent purity fell by Rs 7,600 or 4.4 percent
• It dropped to Rs 1,65,200 per 10 grams (including all taxes).
• In the previous market session, it had closed at Rs 1,72,800 per 10 grams.

Weak trend in global markets

• Global markets showed a weak trend on Thursday.
• Gold prices declined amid soft signals.
• A strong Indian rupee also put pressure on the domestic bullion market.

Gold and silver movement in international markets

At the global level, spot silver was trading slightly higher at USD 84.11 per ounce. Gold rose USD 12.60 or 0.25 percent to USD 5,153.91 per ounce.