Gold and Silver Prices Take a Sharp Hit: Silver Plummets Over ₹3,000, Gold Also Declines

New Delhi: After a year of strong gains, gold and silver prices saw a sharp decline today. While gold had surged nearly 60% this year, silver had doubled in value. However, market trends reversed on Wednesday, with gold dropping by around ₹800 per 10 grams and silver tumbling over ₹3,000 per kilogram.

Gold Market Update
Gold for February 5 delivery on MCX had closed at ₹1,30,462 per 10 grams in the previous session. Today, it opened at ₹1,30,799 but soon experienced a decline. During early trading, it fell over ₹800 to touch ₹1,29,599. By 12:26 PM, gold was trading at ₹1,29,867, down ₹595 or 0.46%.

Silver Market Update
Silver for March 5 delivery had closed at ₹1,82,352 per kilogram in the last session and opened today at ₹1,82,621. During trading, it dropped over ₹3,000 to reach ₹1,79,200. By 12:26 PM, silver was trading at ₹1,79,919, down ₹2,433 or 1.33%.

Market Insight
Traders attribute today’s price corrections to global market trends and demand fluctuations. While gold’s decline was moderate, silver broke its six-day streak of gains, signaling a short-term market correction.

Despite the dip, long-term investors continue to view both metals as a safe haven against inflation and currency volatility.

Sarraf Bazaar Update
In Delhi’s Sarraf market, gold prices had earlier spiked by ₹670 to ₹1,32,200 per 10 grams due to strong global trends and the rupee hitting record lows against the dollar. Meanwhile, silver prices corrected by ₹460 to ₹1,80,900 per kilogram, ending a six-day streak of rising prices.