Silver plunges 5%, gold drops Rs 1,900 in Delhi

New Delhi: Precious metal prices dropped up to 5 per cent, with silver plunging by Rs 11,250 to Rs 2.30 lakh per kilogram, while gold declined to Rs 1.47 lakh per 10 grams in the national capital on Friday.

According to the All India Sarafa Association, the white metal slumped Rs 11,250, or nearly 5 per cent, to Rs 2,30,000 per kg (inclusive of all taxes) from Wednesday's closing level of Rs 2,41,250 per kg.

Bullion markets remained closed on Thursday on account of Ram Navami.

Gold of 99.9 per cent purity depreciated by Rs 1,900, or 1.3 per cent, to Rs 1,47,800 per 10 grams (inclusive of all taxes). The yellow metal had settled at Rs 1,49,700 per 10 grams in the previous market session.

Analysts said bullion prices remained volatile as movements in crude oil and global cues influenced investor sentiment.

In the international markets, spot gold gained USD 37.19, or nearly 1 per cent, to USD 4,416 per ounce while silver was trading 0.23 per cent higher at USD 68.12 per ounce.

The yellow metal climbed to around USD 4,420 per ounce on bargain buying as crude prices weakened, but later pared gains as oil prices in the global markets recovered, Praveen Singh, Head of commodities at Mirae Asset ShareKhan, said.

He added that investors are awaiting upcoming US macroeconomic data, including consumer sentiment and inflation expectations later in the day which is likely to guide bullion prices in the near term.