MUMBAI — Gold and silver prices dropped sharply Thursday, hitting multi-week lows despite escalating geopolitical tensions in the Middle East, as strong selling pressure weighed on the precious metals market.
According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold (999 purity) fell to ₹1,47,889 per 10 grams, down from ₹1,54,879 in the previous session — a decline of ₹6,990 in a single day.
Silver prices also saw a steep correction, with 999 purity silver dropping to ₹2,29,873 per kilogram from ₹2,49,907 a day earlier, marking a sharp fall of ₹20,034 per kilogram.
Over the past week, gold prices have declined by more than ₹12,000, while silver has fallen by over ₹38,000, reflecting sustained pressure in the segment.
The downturn was also visible on the Multi Commodity Exchange (MCX). During evening trade, gold contracts for April delivery were trading at ₹1,42,516 per 10 grams, down 6.87% or ₹10,509. Silver contracts for May delivery were at ₹2,23,400 per kilogram, down 11.94% or ₹30,297.
During the session, April gold futures opened at ₹1,51,941, touched an intraday high of ₹1,52,449, and dropped to a low of ₹1,41,121 per 10 grams — the lowest level since early February.
Similarly, May silver futures opened at ₹2,45,000, reached a high of ₹2,45,674, and slid to an intraday low of ₹2,14,212 per kilogram.
With Thursday’s losses, silver has now fallen more than 20% so far this month, putting it on track for a second consecutive monthly decline.
Market analysts attributed the sharp volatility to ongoing geopolitical tensions in the Middle East, along with fluctuations in the U.S. dollar and crude oil prices. Concerns over a potential escalation involving the United States and Iran have further unsettled global markets, putting pressure on precious metal prices. (Source: IANS)
