Gold prices fell sharply by ₹1,400 to below ₹80,000 per 10 grams in the national capital Delhi on Friday, driven by heavy selling from jewellers and stockists, according to the All India Bullion Association. Silver prices also experienced a significant drop, falling by ₹4,200, marking the largest decline in December.
As per the latest data, the price of 99.9% purity gold fell to ₹79,500 per 10 grams, down from ₹80,900 in the previous session. The price of 99.5% purity gold also dropped by ₹1,400, settling at ₹79,100 per 10 grams, down from ₹80,500. Silver saw the biggest drop in December, with its price falling to ₹92,800 per kg, compared to ₹97,000 per kg in the previous session.
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The fall in bullion prices was influenced by a weak trend in the international market. Jatin Trivedi, Vice President (Research Analyst) at LKP Securities, attributed the sharp decline in gold prices to profit-taking following a decrease in the US Producer Price Index (PPI) and an increase in weekly unemployment claims. Gold futures in the Comex market fell by $18.60 to $2,690.80 per ounce, while silver fell 1.42%, reaching $31.17 per ounce.