Silver falls sharply again, prices drop by up to ₹1,200; gold also cheaper by ₹660

Mumbai (The Uttam Hindu): Gold and silver prices witnessed a decline on Thursday. Gold became cheaper by ₹660 and slipped to around ₹1.58 lakh per 10 grams, while silver fell by nearly ₹1,200 to about ₹2.62 lakh per kilogram.

On the MCX, prices showed volatility during the day. Silver was seen trading around ₹2.62 lakh per kg, while gold traded near ₹1.58 lakh per 10 grams. This came after strong gains in the previous session.

On Wednesday, silver prices had surged sharply by around ₹4,000, reaching ₹2.68 lakh per kilogram. Gold had also strengthened and crossed the level of ₹1.61 lakh per 10 grams.

In the international market, spot gold slipped marginally to around $5,080 per ounce, while spot silver declined by nearly 2 percent to about $82.2 per ounce. Precious metals came under pressure during Asian trading hours after strong data from the US labour market. The robust job figures suggest that the US Federal Reserve may delay interest rate cuts, which has increased pressure on gold and silver prices.