Precious metals declined sharply on Thursday despite escalating geopolitical tensions in West Asia. Both gold and silver recorded steep losses, slipping to multi-week lows amid intense selling activity across markets.
According to the India Bullion and Jewellers Association, 24-carat gold (999 purity) fell to Rs 1,47,889 per 10 grams from Rs 1,54,879, marking a drop of Rs 6,990 in a single session.
Silver also registered a sharp correction. Prices of 999 purity silver declined to Rs 2,29,873 per kilogram from Rs 2,49,907, reflecting a fall of Rs 20,034 per kg.
Over the past week, gold has shed more than Rs 12,000, while silver has dropped over Rs 38,000. This trend indicates sustained pressure within the precious metals segment.
The downturn extended to the Multi-Commodity Exchange. Gold futures for April delivery traded at Rs 1,42,516 per 10 grams, down 6.87 per cent or Rs 10,509.
Silver futures for May delivery stood at Rs 2,23,400 per kilogram, declining 11.94 per cent or Rs 30,297.
Intraday movement remained volatile. Gold opened at Rs 1,51,941, reached a high of Rs 1,52,449, and dropped to Rs 1,41,121, its lowest since early February.
Silver opened at Rs 2,45,000, touched Rs 2,45,674, and slid to Rs 2,14,212 per kilogram.
Silver has now declined over 20 per cent this month, signalling a second consecutive monthly loss.
Analysts attribute the fall to geopolitical uncertainty, along with fluctuations in the US dollar and crude oil prices, which continue to unsettle investor sentiment.
Also Read: Gold, Silver Prices Fall After Fed Holds Rates; MCX Sees Correction
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