Gold, silver prices plummet amid profit-taking

New Delhi: Gold prices tumbled by Rs 14,000 per 10 grams and silver prices tanked by Rs 20,000 per kg in the national capital as investors booked heavy profits amid weak global trends and a rebound in the US dollar. According to the marketmen, gold of 99.9 per cent purity plunged by Rs 14,000, or 7.65 per cent, to Rs 1,69,000 per 10 grams.

The precious metal had hit an all-time high of Rs 1,83,000 per 10 grams on Thursday, after rising by Rs 12,000. Silver tumbled by Rs 20,000, or nearly 5 per cent, to Rs 3,84,500 per kilogram. The white metal had soared Rs 19,500 to hit a record of Rs 4,04,500 per kg in the previous market session. In the international market, spot gold was trading 5.31 per cent lower, or $285.30, to $5,087.73 per ounce.

The yellow metal tumbled by $425.86, or 7.92 per cent, to hit an intraday low of $4,945.26 per ounce. “Gold and silver experienced a significant correction on Friday as investors moved to aggressively book profits following a recent record-breaking rally.

“This decline was mainly fuelled by the heavy liquidation of long positions by large institutional players, who sought to secure gains after a strong multi-session advance,” Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.