Precious metal prices witnessed a significant decline on Thursday, with gold becoming cheaper by ₹1,375 per 10 grams and silver falling by ₹1,033 per kilogram, as global cues and a stronger US dollar weighed on investor sentiment.
According to data from the Multi Commodity Exchange (MCX), the price of gold futures for December delivery slipped to around ₹70,850 per 10 grams, while silver futures were trading near ₹81,600 per kilogram.
Analysts attribute the drop to profit booking by investors following recent highs and renewed speculation about the US Federal Reserve’s interest rate policy. The strengthening of the US dollar index and rising bond yields also put downward pressure on bullion prices.
In the international market, spot gold traded near US$2,360 per ounce, while silver hovered around US$27 per ounce. Market experts believe the correction may be temporary, as festive demand in India and geopolitical uncertainties could support prices in the coming weeks.
Jewellers expect buying to pick up again ahead of Diwali and Dhanteras, traditionally strong periods for gold purchases in India.
