Silver slides Rs 7,500; gold gains Rs 2,200 in Delhi market

Silver declined to Rs 2,64,500 per kg, inclusive of all taxes, compared to Monday’s closing price of Rs 2,72,000 per kg. The steep fall reflected weak sentiment in the white metal amid fluctuations in overseas markets.

Silver prices fell sharply by Rs 7,500, or nearly 3 per cent, to Rs 2.64 lakh per kg in the national capital on Tuesday, while gold prices moved higher by Rs 2,200 per 10 grams, tracking market demand and global cues, according to the All India Sarafa Association.

Silver declined to Rs 2,64,500 per kg, inclusive of all taxes, compared to Monday’s closing price of Rs 2,72,000 per kg. The steep fall reflected weak sentiment in the white metal amid fluctuations in overseas markets.

In contrast, gold of 99.9 per cent purity rose by Rs 2,200, or about 1.4 per cent, to Rs 1,60,700 per 10 grams, inclusive of all taxes. The precious metal had ended the previous session at Rs 1,58,500 per 10 grams.

Market participants said gold prices extended gains for the second consecutive session, supported by sustained buying from jewellers and investors despite a firm US dollar.

Gold traded with modest gains as traders remained cautious ahead of key macroeconomic developments, said Saumil Gandhi, Senior Analyst (Commodities) at HDFC Securities. He added that both gold and silver were moving within a broader range, indicating a consolidation phase in the near term.

In the international market, spot silver fell by USD 1.13, or 1.37 per cent, to USD 82.16 per ounce. Gold, meanwhile, was trading marginally lower at USD 5,052.43 per ounce.

Analysts said investors are closely watching upcoming US economic data, including retail sales, unemployment figures and non-farm payroll numbers, which are expected to influence volatility in bullion prices.

These data points will play a crucial role in shaping expectations around the US Federal Reserve’s policy stance and determining the near-term direction of precious metals, said Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities.