Silver, gold rally falters as tensions in West Asia resurface

New Delhi: Silver prices declined by Rs 7,800 to Rs 2.43 lakh per kilogram in the national capital on Thursday while gold fell to Rs 1.54 lakh per 10 grams as investors booked profits amid concerns over the durability of the fragile ceasefire in West Asia.

According to the All India Sarafa Association, the white metal depreciated by Rs 7,800, or 3.10 per cent, to Rs 2,43,200 per kg (inclusive of all taxes) from Wednesday’s closing level of Rs 2,51,000 per kg.

Gold of 99.9 per cent purity also decreased by Rs 1,500, or nearly 1 per cent, to Rs 1,54,900 per 10 grams (inclusive of all taxes).

The yellow metal had finished at Rs 1,56,400 per 10 grams in the previous market session.

Analysts said precious metals witnessed selling pressure as uncertainty around the ceasefire between the US and Iran weighed on investors’ sentiment.

In the global markets, spot gold went up by $21.28, or 0.45 per cent, to $4,740.63 per ounce while silver was trading marginally higher at $74.12 per ounce.

“Gold has extended its gains to the fourth straight day on dollar weakness,” Praveen Singh, Head of commodities at Mirae Asset ShareKhan, said.