Silver prices crash again, slip to Rs 90,000-mark; gold prices decline too

Silver prices tumbled to a three-week debased by losing Rs 4,900 to Rs 90,900 per kg, portion golden slipped Rs 100 to Rs 78,700 per 10 grammes successful the nationalist superior connected Thursday connected frantic selling by stockists and retailers, according to the All India Sarafa Association.

The yellowish metallic of 99.5 per cent purity declined by Rs 400 to Rs 78,300 per 10 grammes connected Thursday.

Prices of 99.9 per cent and 99.5 per cent purity golden had closed higher astatine Rs 78,800 and Rs 78,700 per 10 grammes, respectively, connected Wednesday.

Silver besides dropped by Rs 4,900 to commercialized astatine Rs 90,900 per kg, marking a steepest autumn connected mediocre offtake by jewellers and coin makers.

Earlier, the achromatic metallic had slumped by Rs 4,600 connected November 4. On Wednesday, metallic prices successful nationalist superior saw its steepest single-day leap of Rs 5,200 and regained the Rs 95,000 per kg level aft a spread of 2 weeks.

Traders said the sentiment was downbeat mostly successful sync with a steadfast inclination overseas amid uncertainty implicit the implications of US President-elect Donald Trump's tariff plans connected economical prospects and the Federal Reserve's (Fed) involvement complaint outlook.

Meanwhile, successful futures commercialized connected the Multi Commodity Exchange (MCX), golden contracts for December transportation roseate Rs 167, oregon 0.22 per cent, to commercialized astatine Rs 75,927 per 10 grammes connected Thursday.

"Gold prices exhibited important volatility, starting connected a weaker enactment but rapidly uncovering enactment amid renewed geopolitical tensions betwixt Russia and Ukraine, which proceed to bolster safe-haven buying.

"Dollar scale movements and geopolitical updates volition apt support gold's momentum uncertain successful the abbreviated term," Jateen Trivedi, VP Research Analyst, Commodity and Currency astatine LKP Securities, said.

However, metallic futures contracts for December transportation fell by Rs 115, oregon 0.13 per cent, to Rs 87,565 per kg.

In Asian marketplace hours, Comex golden futures precocious by $8.20 per ounce, oregon 0.31 per cent, to $2,673 per ounce.

"Gold prices proceed to commercialized dependable successful a constrictive range, amidst mixed information from the US, volatility successful dollar index, accrued commercialized tariff menace and fluctuations successful marketplace expectations regarding complaint cuts," Manav Modi, analyst, Commodity Research, Motilal Oswal Financial Services Ltd, said.

However, continuous updates regarding the ceasefire woody betwixt Israel and Hezbollah and mixed comments from Fed officials are limiting gains and keeping marketplace participants connected the edge, Modi said.
Meanwhile, Comex metallic futures slipped 0.15 per cent to USD 30.51 per ounce successful planetary markets.
"The yellowish metallic connected Thursday is somewhat up and is highly volatile connected a firmer US dollar and geopolitical jitters emanating from the atomic menace a fallout of the ongoing Russia-Ukraine war," Praveen Singh, Associate VP, Fundamental Currencies and Commodities astatine Mirae Asset Sharekhan, said.
According to Saumil Gandhi, Senior Analyst of Commodities, HDFC Securities, traders judge golden prices are apt to consolidate successful range, and trading measurement is expected to stay bladed owed to the Thanksgiving vacation successful the US.