Silver crashes Rs 12,500; gold declines Rs 900

New Delhi: Silver prices declined sharply from record levels, plummeting Rs 12,500 to Rs 2,43,500 per kg, while gold receded by Rs 900 in the national capital, amid a rush of profit-booking globally.

According to the All India Sarafa Association, the white metal surged Rs 5,000 to touch a record high of Rs 2,56,000 per kg in the previous session. In the local bullion market, the price of gold of 99.9 per cent purity decreased by Rs 900 to Rs 1,40,500 per 10 grams compared to the previous close of Rs 1,41,400 per 10 grams.

In the international markets, spot gold fell by $29.65, or 0.67 per cent, to $4,426.91 per ounce, while silver traded 3.22 per cent lower, or $2.51, to $75.67 per ounce.

“Gold extended its fall on Thursday, weighed down by long liquidation as traders reduced their positions due to ease of safe-haven demand and a stable US dollar,” Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.