New Delhi, February 12:In a surprising turn for bullion traders, silver prices remained unchanged on Thursday, defying the strong volatility witnessed over the past several sessions. The white metal closed flat at ₹2,68,500 per kilogram, leaving investors and market participants intrigued by its sudden stability.
Meanwhile, gold prices recorded a mild decline, falling by ₹400 in the national capital’s bullion market. According to the All India Sarafa Association, 99.9% purity gold slipped 0.25% to close at ₹1,60,900 per 10 grams (inclusive of all taxes). On Wednesday, gold had settled at ₹1,61,300 per 10 grams.
Experts Link Gold Decline to Global Signals
Market experts attributed the decline in gold prices to a weak global trend and reduced expectations of an early interest rate cut by the US Federal Reserve.
Soumil Gandhi, Senior Analyst at HDFC Securities, said that the latest US labor market data came in stronger than expected, forcing markets to scale back hopes of an early rate cut. As a result, gold traded within a narrow range but ended slightly lower.
International Market Also Under Pressure
Gold prices also weakened in the global market. Spot gold declined by $22.07 (0.43%), settling at $5,062.46 per ounce. Silver too faced pressure internationally, falling nearly 2% to $82.84 per ounce during trade.
According to Kotak Securities, stronger-than-expected US employment figures impacted market sentiment, dampening expectations of immediate rate cuts. The brokerage noted that spot gold hovered around $5,070 per ounce, while silver saw sharp fluctuations—dropping to nearly $81.6 before recovering close to $83 per ounce.
Closing Rates (Delhi Bullion Market)
- Gold (99.9% purity): ₹1,60,900 per 10 grams
- Silver: ₹2,68,500 per kilogram
Despite global fluctuations, silver’s unexpected steadiness in the domestic market became the highlight of the day, while gold continued to react cautiously to international economic signals.
Discover more from SD NEWS agency
Subscribe to get the latest posts sent to your email.