Silver crashes Rs 17,800, gold dives Rs 7,000

New Delhi: Silver prices tanked Rs 17,800 to Rs 2.38 lakh per kilogram in the national capital, while gold dropped Rs 7,000 to Rs 1.53 lakh per 10 grams following a sharp selloff in global commodity markets.

According to the All India Sarafa Association, the white metal slumped by Rs 17,800, or nearly 7 per cent, to Rs 2,38,700 per kg from Wednesday’s closing level of Rs 2,56,500 per kg. Silver has now declined sharply by Rs 1,65,800 per kilogram, or 41 per cent, from its lifetime high of Rs 4,04,500 per kg recorded on January 29.

Gold of 99.9 per cent purity also plunged by Rs 7,000, or 4.37 per cent, to Rs 1,53,300 per 10 grams from the previous close of Rs 1,60,300 per 10 grams.

The yellow metal had fallen by Rs 29,700, or 16.23 per cent, from its all-time high of Rs 1,83,000 per 10 grams recorded on January 29.

Precious metal prices also traded lower in the overseas trade. Spot silver tumbled by USD 4.88, or 6.48 per cent, to USD 70.49 per ounce, and gold declined USD 140.19, or nearly 3 per cent, to USD 4,678.69 per ounce.