Silver plunges Rs 6,000; gold drops Rs 1,000

New Delhi: Silver prices plunged by Rs 6,000 to Rs 2.56 lakh per kilogram in the national capital, while gold dropped by Rs 1,000 to Rs 1.60 lakh per 10 grams due to bearish domestic sentiment, according to the All India Sarafa Association.

The white metal declined by Rs 6,000, or 2.28 per cent, to Rs 2,56,500 per kg from Tuesday’s closing level of Rs 2,62,500 per kg. In the bullion market, gold of 99.9 per cent purity dipped by Rs 1,000, or 0.62 per cent, to Rs 1,60,300 per 10 grams.

The yellow metal had closed at Rs 1,61,300 per 10 grams, up by Rs 1,050. Gold prices declined as a wave of profit booking by traders met lacklustre physical demand, Dilip Parmar, Senior Research Analyst at HDFC Securities, said.

In the international market, spot silver was trading 0.79 per cent higher at $79.92 per ounce, while gold fell $16.10, or 0.32 per cent, to $4,989.65 per ounce.

Precious metal prices exhibited a mixed performance on Wednesday, with gold trading lower at around $4,990 per ounce, while silver gained to $79.70 per ounce, Gaurav Garg, Research Analyst at Lemonn Markets Desk, said.