Precious metal prices experienced a significant downturn in the national capital on Friday, with silver seeing a sharp fall of Rs 11,250 per kilogram and gold declining by Rs 1,900 per 10 grams.
The white metal plunged to Rs 2,30,000 per kilogram, marking a decrease of nearly 5 per cent from its previous closing rate. Gold of 99.9 per cent purity depreciated to Rs 1,47,800 per 10 grams.
The Chenab Times has learned that the All India Sarafa Association reported the white metal’s slump of Rs 11,250 from Wednesday’s closing level of Rs 2,41,250 per kg. The bullion markets were closed on Thursday due to the Ram Navami holiday.
Gold of 99.9 per cent purity saw a depreciation of Rs 1,900, or 1.3 per cent, settling at Rs 1,47,800 per 10 grams. In the preceding market session, the yellow metal had closed at Rs 1,49,700 per 10 grams.
Market analysts attributed the volatility in bullion prices to fluctuations in crude oil prices and global market cues, which influenced investor sentiment. These external factors played a crucial role in shaping the trading patterns for precious metals.
In international markets, spot gold showed a marginal gain of USD 37.19, or nearly 1 per cent, trading at USD 4,416 per ounce. Silver also experienced a slight increase, trading 0.23 per cent higher at USD 68.12 per ounce.
Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, commented that the yellow metal initially climbed to around USD 4,420 per ounce due to bargain buying amid weakening crude prices. However, it later pared its gains as oil prices in the global markets recovered.
Singh added that investors are closely monitoring upcoming US macroeconomic data, including figures on consumer sentiment and inflation expectations. These data releases are anticipated to provide further guidance on the near-term trajectory of bullion prices.
The Chenab Times News Desk