Frantic Selling: Silver and Gold Prices Plummet Amid Economic Uncertainty

Silver prices fell sharply by Rs 4,900 to Rs 90,900 per kg and gold declined by Rs 100 to Rs 78,700 per 10 grams in India's capital. Poor offtake by jewellers and market uncertainties concerning geopolitical tensions and US tariff plans contributed to this significant market movement.

In the national capital, silver prices tumbled to a three-week low, losing Rs 4,900 to settle at Rs 90,900 per kilogram. This came as a result of a downturn in market sentiment amid frenetic selling by stockists and retailers, according to the All India Sarafa Association.

The decline in gold was also noted, slipping Rs 100 to Rs 78,700 per 10 grams. The yellow metal's price of 99.5 percent purity saw a Rs 400 drop to Rs 78,300 per 10 grams on Thursday, yet it had closed higher a day earlier at Rs 78,800 for 99.9 percent purity.

Traders indicate that the sentiment is primarily influenced by global economic uncertainties, with a notable impact from the US President-elect Donald Trump's proposed tariff plans and the Federal Reserve's interest rate outlook. These factors kept market participants on edge amid a volatile trading environment.

(With inputs from agencies.)