Silver declines by Rs 7,400, gold falls by 1,300 amid weak global trends

New Delhi: Silver prices declined by Rs 7,400 to Rs 2.70 lakh per kg while gold dropped by Rs 1,300 to Rs 1.62 lakh per 10 grams in the national capital on Thursday due to weak global trends and profit-booking by traders.

According to the All India Sarafa Association, silver fell by Rs 7,400, or nearly 3 per cent, to Rs 2,70,500 per kg (inclusive of all taxes) from the previous closing level of Rs 2,77,900 per kg.

Gold of 99.9 per cent purity depreciated by Rs 1,300, or nearly 1 per cent, to Rs 1,62,900 per 10 grams (inclusive of all taxes). It had settled at Rs 1,64,200 per 10 grams in the previous market session.

Traders said the decline was largely driven by weak trends in the international markets and mild profit-booking after prices touched three-week highs earlier in the week. A firm US dollar further dampened the investor appetite for bullion.

In the international market, spot silver decreased $1.91, or 2.15 per cent, to $87.28 per ounce, while gold was trading marginally higher at $5,176.21 per ounce.