Dramatic Drop: Gold and Silver Prices Plunge Amid Global Weak Trends

Gold and silver prices fell significantly in the national capital on Thursday due to weak demand and global trends. Gold and silver both plunged sharply as market participants responded to the US Federal Reserve's cautious interest rate cuts. The bullion markets showed decreased participation, though future rises are expected.

In a significant market development, gold and silver prices saw a considerable drop in the national capital on Thursday, according to the All India Sarafa Association. Prices plummeted due to tepid demand from jewellers amidst a global trend of weakening precious metals.

The gold of 99.9 per cent purity plummeted Rs 800 to trade at Rs 78,300 per 10 grams, a substantial decrease from Rs 79,100 recorded on Wednesday. Similarly, silver fell sharply, dropping Rs 2,000 to settle at Rs 90,000 per kg.

Analysts attribute the decline to actions by the US Federal Reserve, which projected slower interest rate cuts than anticipated. Market figures indicate that further fluctuations could persist as investors adjust their positions based on global economic signals and geopolitical influences.

(With inputs from agencies.)