Silver declines for 3rd straight day to Rs 2.60L/kg, gold slips to Rs 1.52L/10 gm

New Delhi: Silver prices extended its steep fall for the third straight day, tumbling Rs 52,000 to Rs 2.60 lakh per kg in the national capital on Monday, while gold fell to Rs 1.52 lakh per 10 grams amid weak global trends and a firm US dollar.

According to the All India Sarafa Association, the white metal nosedived Rs 52,000, or nearly 17 per cent, to Rs 2,60,000 per kilogram (inclusive of all taxes).

On Saturday, the metal tanked 19 per cent, or Rs 72,500, to Rs 3.12 lakh per kilogram.

In the last three sessions, silver prices have fallen Rs 1,44,500, or nearly 36 per cent from Rs 4,04,500 per kg — its all-time high — recorded on January 29.

Gold price of 99.9 per cent purity also bore the brunt of the sell-off, crashing by Rs 12,800, or 7.73 per cent, to Rs 1,52,700 per 10 grams (inclusive of all taxes) on Monday. It had settled at Rs 1,65,500 per 10 grams in the previous session.

Over the last three sessions, the metal has plunged Rs 30,300, or nearly 17 per cent, from its record high of Rs 1,83,000 per 10 grams on January 29, as investors rushed to book profits after a sharp rally.

In the global market, gold and silver mirrored the bearish trend, with spot yellow metal slipping $83.75, or 1.72 per cent, to $4,781.60 per ounce.

“Spot gold began the week on a negative note and continue to reel under intense selling pressure, driven by firm dollar and President Trump’s nomination of Kevin Warsh as the next Fed Chair,” Praveen Singh, Research Analyst, Mirae Asset Sharekhan, said.

Spot silver prices also slipped $1.2, or 1.42 per cent, to $83.49 per ounce in the overseas trade.