Precious metal prices witnessed a sharp decline on Friday, with silver recording a major fall of ₹67,000, bringing its price down to ₹3.32 lakh per kilogram. Gold prices also slipped by ₹15,000, settling at around ₹1.54 lakh per 10 grams, according to market sources.
Profit Booking Triggers Sell-Off
Market experts attribute the sudden drop primarily to profit booking, as investors chose to lock in gains after the recent rally in precious metals. Silver, which had seen a rapid rise in prices over the past few weeks, faced heavy selling pressure across domestic markets.
Global Cues Add Pressure
Weak global cues and a strengthening dollar also weighed on bullion prices. Traders noted reduced demand from industrial buyers and jewellers, further contributing to the downward trend.
Gold and Silver Remain Volatile
Despite the correction, analysts believe that precious metals may continue to see price volatility in the near term, driven by global economic signals, interest rate expectations, and geopolitical developments.
Investors are being advised to remain cautious and track market movements closely before making fresh positions.
