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Gold, Silver Prices Crash: Rs 2700 & Rs 10k Drop!
11 Sep
Summary
- Gold prices fell by Rs 2,700 to Rs 1.55 lakh per 10 grams.
- Silver prices plunged by Rs 10,000 to Rs 2.34 lakh per kg.
- Domestic prices dropped despite global gains in gold and silver.
On Friday, the Indian precious metals market witnessed a substantial price correction. Gold prices for 99.9 per cent purity dropped by Rs 2,700, reaching Rs 1,55,900 per 10 grams. This marked a significant fall from Thursday's closing price of Rs 1,58,600 per 10 grams.
Silver prices also experienced a sharp decline, tumbling by Rs 10,000 to Rs 2,34,600 per kg. This followed a previous closing price of Rs 2,44,600 per kg.
Market participants indicated that the domestic sell-off was primarily driven by selling pressure following a recent rally in prices. This correction happened even as global markets showed gains, with spot gold rising by 1.15 per cent to $4,366.58 per ounce and silver increasing by 2 per cent to $64.77 per ounce.
Analysts noted that while gold prices in overseas trade saw a slight recovery, they remained under pressure and were on track for their third consecutive weekly decline. Factors such as elevated crude oil prices fueling inflation concerns, coupled with higher Treasury yields and increasing expectations of rate hikes, continue to weigh on gold as an asset.
