Silver Plunges ₹11,250 Per Kg, Gold Drops ₹1,900 in Delhi

Precious metal prices dropped up to 5%, with silver plunging by ₹11,250 to ₹2.30 lakh per kilogram, while gold declined to ₹1.47 lakh per 10 grams in the national capital on Friday.

According to the All India Sarafa Association, the white metal slumped ₹11,250, or nearly 5%, to ₹2,30,000 per kg (inclusive of all taxes) from Wednesday's closing level of ₹2,41,250 per kg.

Bullion markets remained closed on Thursday on account of Ram Navami.

Gold of 99.9% purity depreciated by ₹1,900, or 1.3%, to ₹1,47,800 per 10 grams (inclusive of all taxes). The yellow metal had settled at ₹1,49,700 per 10 grams in the previous market session.

Analysts said bullion prices remained volatile as movements in crude oil and global cues influenced investor sentiment.

In the international markets, spot gold gained $37.19, or nearly 1%, to $4,416 per ounce while silver was trading 0.23% higher at $68.12 per ounce.

The yellow metal climbed to around $4,420 per ounce on bargain buying as crude prices weakened, but later pared gains as oil prices in the global markets recovered, Praveen Singh, Head of commodities at Mirae Asset ShareKhan, said.

He added that investors are awaiting upcoming US macroeconomic data, including consumer sentiment and inflation expectations later in the day which is likely to guide bullion prices in the near term