Silver Prices Fall Nearly 3% to Rs 2.70 Lakh Per Kg; Gold Slips Rs 1,300 in Delhi on Weak Global Cues

Silver Prices Fall Nearly 3% to Rs 2.70 Lakh Per Kg; Gold Slips Rs 1,300 in Delhi on Weak Global Cues​

New Delhi, February 26: Precious metals witnessed a sharp correction in the national capital on Thursday, with silver tumbling nearly 3 per cent and gold also trading lower, as weak global trends and profit-booking weighed on sentiment.

According to the All India Sarafa Association, silver prices plunged by Rs 7,400 to settle at Rs 2,70,500 per kg, inclusive of all taxes. The metal had closed at Rs 2,77,900 per kg in the previous session. The nearly 3 per cent drop marks one of the sharper single-day declines in recent weeks.

Gold of 99.9 per cent purity also extended losses, declining by Rs 1,300 to Rs 1,62,900 per 10 grams, inclusive of all taxes. In the prior trading session, the yellow metal had settled at Rs 1,64,200 per 10 grams, indicating a fall of nearly 1 per cent.

Weak International Trends Pressure Bullion Prices​

Market participants attributed the decline primarily to softer trends in international markets and mild profit-taking after bullion prices touched three-week highs earlier this week. A firm US dollar further dampened investor appetite for precious metals, making them relatively more expensive for holders of other currencies.

In global markets, spot silver dropped by USD 1.91, or 2.15 per cent, to trade at USD 87.28 per ounce. Meanwhile, gold was trading marginally higher at USD 5,176.21 per ounce.

The combined impact of global price movements, currency strength, and domestic profit-booking led to a broad-based correction in bullion rates across the national capital on Thursday.