Silver Prices Crash ₹6,000 in Delhi, Gold Falls ₹1,000 Amid Weak Demand
Bullion Market Sees Sharp Decline in Domestic Prices
New Delhi, March 18: Silver prices witnessed a steep fall in the national capital on Wednesday, dropping by ₹6,000 to ₹2.56 lakh per kilogram due to bearish sentiment in the domestic market, according to the All India Sarafa Association.The white metal declined by ₹6,000, or 2.28 percent, settling at ₹2,56,500 per kg including all taxes. This marks a sharp fall from Tuesday’s closing level of ₹2,62,500 per kg.
Gold Prices Slip on Profit Booking
Gold prices also moved lower in the bullion market. Gold of 99.9 percent purity dropped by ₹1,000, or 0.62 percent, to ₹1,60,300 per 10 grams including all taxes. In the previous session, the yellow metal had closed at ₹1,61,300 per 10 grams after gaining ₹1,050.The decline in gold prices was driven by profit booking by traders, coupled with subdued physical demand in the domestic market.
International Market Shows Mixed Trend
In contrast to domestic trends, international bullion markets showed mixed movement on Wednesday. Spot silver was trading 0.79 percent higher at USD 79.92 per ounce.Gold prices in the global market declined by USD 16.10, or 0.32 percent, to USD 4,989.65 per ounce. Overall, gold hovered around the USD 4,990 per ounce level, while silver traded near USD 79.70 per ounce.
Market Awaits US Federal Reserve Policy Decision
The bullion market remained volatile as investors adopted a cautious stance ahead of the upcoming US Federal Reserve policy decision.Uncertainty around interest rate movements and rising inflation concerns, linked to elevated oil prices amid geopolitical tensions in West Asia, have contributed to fluctuating precious metal prices.
Market participants are closely watching the Federal Reserve’s policy outcome, which is expected to provide direction for interest rates and influence the near-term outlook for gold and silver prices.
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