New Delhi: Gold and silver prices experienced a significant drop on Friday morning, with early trade on MCX showing sharp declines. March delivery silver fell by over ₹17,000 per kilogram, bringing the price down to around ₹3.82 lakh per kg. Gold also softened by nearly ₹3,000, trading at approximately ₹1.66 lakh per 10 grams.
Both precious metals were in the red zone during early trading as investors booked profits following a strong rally this week. Earlier, prices had reached record highs, prompting partial profit-taking. By around 10:00 AM, silver recovered slightly to ₹3,88,000 per kg, still down ₹11,893, while gold traded at ₹1,67,298 per 10 grams, down ₹2,105.
International Market Trends
Globally, gold prices also eased on Friday, pressured by a strong US dollar. However, geopolitical tensions and economic uncertainties kept investors interested in safe-haven assets. January has been a remarkable month for gold, with the metal heading toward its strongest monthly performance since 1980.
Spot gold fell 0.9% to $5,346.42 per ounce as of 0124 GMT, after touching a record high of $5,594.82 in the previous session. Despite the drop, gold has gained more than 24% this month, marking the sixth consecutive month of upward momentum.
Silver Also Shows Slight Pullback
Silver prices declined slightly in the international market as well. Spot silver fell 0.2% to $115.83 per ounce, after reaching a record $121.64 on Thursday. The metal has surged 62% in January, marking its strongest monthly performance to date.
The dollar index saw a minor rise, partially offsetting silver’s decline. The Federal Reserve’s decision to keep interest rates unchanged this week provided some support, though the dollar index has been trending downward for the second consecutive week.
Summary: Early Friday trade saw gold and silver retreat after a historic rally this month. Investors are taking profits while keeping a close eye on geopolitical and economic developments that continue to influence safe-haven metals.
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