Bullion futures decline on weak sentiment

Silver and gold prices declined sharply in the futures trade as traders booked profits at elevated levels after a record-breaking rally, tracking a bearish sentiment in global markets and a rebound in the US dollar. Silver futures for March delivery plunged Rs 12,169, or 3.04 per cent, to Rs 3,87,724 per kilogram in a business turnover of 8,710 lots.

The white metal had surged about 9 per cent to hit a record of Rs 4,20,048 per kg on Thursday, before settling at Rs 3,99,893 per kg. Similarly, gold futures for February contract dropped Rs 2,162, or 1.28 per cent, to Rs 1,67,241 per 10 grams in 3,965 lots.

In the previous session, the yellow metal had soared nearly 9 per cent, to scale a new peak of Rs 1,80,779 per 10 grams, before easing to Rs 1,69,403 per 10 grams on the MCX.