New Delhi: After witnessing a strong rally for two consecutive days, gold and silver prices declined sharply on Thursday amid profit booking.
In the futures market, silver prices on the Multi Commodity Exchange (MCX) fell by nearly ₹24,000, or about 9%, bringing the price of one kilogram of silver down to around ₹2.44 lakh. Gold prices on MCX also slipped by nearly ₹2,000, or 1.4%, with 10 grams of gold trading at about ₹1.51 lakh.
Market data shows that between January 29 and February 2, silver prices had surged sharply before correcting by nearly ₹1.60 lakh, while gold prices had fallen by around ₹26,000 during the same period.
In the physical bullion market, prices also registered a decline. According to the India Bullion and Jewellers Association (IBJA), silver prices dropped by ₹28,123 to ₹2,54,339 per kilogram. Meanwhile, the price of 10 grams of 24-carat gold fell by ₹4,123 to ₹1,52,502.
Market experts said the fall in prices was largely driven by profit booking after the recent sharp gains in both precious metals.
