Gold, silver tumble up to 4 pc amid stronger dollar, rising crude prices
Gold and silver prices traded sharply lower on Friday, with both precious metals declining in domestic trade by up to 4 per cent amid strength in the dollar index.
Festive buying sentiment gets a boost as bullion prices cool off across India, with southern cities still commanding a premium over northern markets despite the overall decline.
(Photo: Xinhua via IANS)
Gold and silver prices saw a sharp drop on Thursday, offering relief to buyers on Gudi Padwa, a day traditionally associated with fresh purchases of precious metals.
The fall comes amid profit booking by traders and weak physical demand. The correction in bullion prices has come as a breather after recent highs, just as festive buying picks up across the country.
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According to bullion trackers, gold prices declined by more than ₹3,000 to ₹1,53,800 per 10 grams, while silver dropped by over ₹5,300 to ₹2,48,170 per kilogram.
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In the global market, however, the trend was slightly positive. Spot gold edged up 0.4% to $4,835.55 an ounce in Singapore, while silver gained 0.7% to $75.87, Bloomberg reported.
Gold rates remained largely aligned across major cities, with southern markets continuing to stay slightly higher than northern counterparts.
Chennai recorded the highest gold rate among metros, while Delhi remained on the lower side of the price band.
Silver prices also reflected minor regional differences, though the overall trend remained stable across cities after the sharp drop.
Chennai and Hyderabad reported the highest silver rates, while Delhi and Mumbai remained slightly lower.
Note: These are average market rates. Actual prices may vary depending on local jewellers, making charges, and taxes.
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