Gold, silver declines from record peaks

New Delhi: Gold and silver prices retreated from record highs in the national capital on Thursday as investors turned to profit-booking amid subdued global cues and easing demand for safe-haven assets, according to the All India Sarafa Association.

The yellow metal of 99.9 per cent purity declined by Rs 2,500, or 1.56 per cent, to Rs 1,57,200 per 10 grams, after closing at the highest-ever level of Rs 1,59,700 per 10 grams in the previous session. Silver ended its unprecedented nine-day rally, tumbling by Rs 14,300, or 4.3 per cent, to Rs 3,20,000 per kilogram from the previous close of Rs 3,34,300 per kg.

The white metal surged by Rs 11,300 on Wednesday. “Gold and silver corrected from record highs as safe-haven demand eased and investors took profits following a record-breaking rally,” Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.