Silver crashes to INR 2.43 lakh/kg
Silver prices declined sharply from record levels, plummeting INR 12,500 to INR 2,43,500 per kg, while gold receded by INR 900 in the national capital on Thursday, amid a rush of profit-booking globally.
According to the All India Sarafa Association, the white metal surged INR 5,000 to touch a record high of INR 2,56,000 per kg in the previous session on Wednesday. In the local bullion market, the price of gold of 99.9 per cent purity decreased by INR 900 to INR 1,40,500 per 10 grams (inclusive of all taxes) compared to the previous close of INR 1,41,400 per 10 grams.
“Gold extended its fall on Thursday, weighed down by long liquidation as traders reduced their positions due to ease of safe-haven demand and a stable US dollar,” Saumil Gandhi, Senior Analyst — Commodities at HDFC Securities, said. In the international markets, spot gold fell by USD 29.65, or 0.67 per cent, to USD 4,426.91 per ounce, while silver traded 3.22 per cent lower, or USD 2.51, to USD 75.67 per ounce.
Investors adopted a cautious stance ahead of key events, including anticipated rulings on Trump tariffs by the US Supreme Court on Friday and the release of the December labour market data, which also acted as headwinds for bullion prices, Gandhi said.
