Gold and silver prices witnessed a sharp decline in the Delhi bullion market on Thursday, according to the All India Sarafa Association. The precious metals segment saw significant selling pressure, dragging down both yellow and white metals.
Gold Prices Drop Sharply
Gold of 99.9 per cent purity depreciated by Rs 900 to settle at Rs 1,56,100 per 10 grams, inclusive of all taxes. The decline comes amid global market trends and domestic demand dynamics. Traders attributed the fall to profit-booking and a stronger dollar index in international markets.
Silver Suffers Heavier Loss
Silver prices plunged by a massive Rs 5,300, reflecting a bearish sentiment in industrial metals. The white metal's drop was more pronounced compared to gold, indicating higher volatility. Market participants cited weak industrial demand and global economic uncertainties as key factors.
The All India Sarafa Association, which compiles daily bullion rates, reported that the correction was broad-based across all major cities. In Delhi, the benchmark rates are closely watched by jewellers and investors.
Market Outlook
Analysts suggest that further movements will depend on the US Federal Reserve's interest rate decisions and geopolitical developments. The current correction may attract bargain hunters, but near-term sentiment remains cautious. Investors are advised to monitor global cues closely.
