New Delhi Precious Metals Market Sees Significant Losses

New Delhi's precious metals market saw significant losses on Friday as gold prices plummeted by Rs 2,700 to Rs 1.55 lakh per 10 grams and silver tumbled by Rs 10,000 to Rs 2.34 lakh per kg.

According to local traders, the price of gold of 99.9 per cent purity declined by Rs 2,700 to Rs 1,55,900 per 10 grams (inclusive of all taxes), down from Thursday's close of Rs 1,58,600 per 10 grams.

Silver also suffered a significant decline, dropping by Rs 10,000 to Rs 2,34,600 per kg (inclusive of all taxes) against the previous day's closing price of Rs 2,44,600 per kg.

Traders attributed the sharp correction in domestic bullion prices to selling pressure in the local market following a recent rally. Both precious metals pulled back despite gains in global markets.

Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, noted that gold prices overseas recovered slightly but remained under pressure and are on track for a third consecutive weekly decline.