New Delhi: Precious metal prices declined sharply in the national capital on Friday, with silver dropping nearly 5 per cent to Rs 2.55 lakh per kg, while gold slipped to Rs 1.57 lakh per 10 grams as investors kept booking profits for the second straight day.
According to the All India Sarafa Association, the white metal plunged Rs 13,000, or 4.85 per cent, to Rs 2,55,000 per kilogram (inclusive of all taxes) from Thursday’s closing level of Rs 2,68,000 per kg.
Similarly, gold of 99.9 per cent purity fell Rs 3,400, or 2.12 per cent, to Rs 1,57,200 per 10 grams (inclusive of all taxes), compared with the previous close of Rs 1,60,600 per 10 grams.
Traders said the decline in domestic prices was mainly driven by profit-taking at elevated levels even as global precious metal rates staged a rebound later in the day.
In the global markets, bullion prices recovered sharply by more than 4 per cent after an early plunge.
Spot silver gained $3.02, or 4.26 per cent, to $74 per ounce, rebounding from an intra-day low of $64.08 per ounce, when it had dropped nearly 10 per cent.
In addition, gold rose $106.74, or 2.23 per cent, to $4,887.30 per ounce after touching a low of $4,654.86 per ounce earlier in the
session.