Markets Tumble as Gold and Silver Retreat from Record Highs

Gold and silver prices saw a significant dip as investors engaged in profit-booking amid easing global cues and reduced demand for safe-haven assets. Changes in geopolitical risk sentiment and remarks by US President Donald Trump contributed to this shift, affecting both domestic and global markets.

Gold and silver prices fell sharply after reaching record highs, with investors taking profits amid weakened global cues. The All India Sarafa Association reported a decrease in demand for safe-haven assets.

Gold of 99.9% purity dropped by Rs 2,500 to Rs 1,57,200 per 10 grams, while silver plunged by Rs 14,300 to Rs 3,20,000 per kilogram. This downturn follows nine days of gains as geopolitical tensions cooled.

Analysts cited US President Trump's remarks and reduced geopolitical risks as key factors, prompting traders to move away from safe investments. Market sentiment may remain volatile with upcoming economic indicators.

(With inputs from agencies.)