Gold and Silver Prices Plunge Amid Global Selloff and Strengthened Dollar

Gold and silver prices dropped dramatically in the national capital, driven by a global selloff and a strong US dollar. Silver fell 10% to Rs 2.68 lakh per kg, while gold decreased nearly 3% to Rs 1.6 lakh per 10 grams. The decline aligned with increased market volatility and hawkish comments from the Federal Reserve.

On Thursday, precious metal prices nosedived in the national capital due to a global selloff and a strengthening US dollar. Silver plummeted by 10% to Rs 2.68 lakh per kg, while gold fell to Rs 1.6 lakh per 10 grams.

The All India Sarafa Association reported that silver dropped by Rs 30,300, or 10.16%, to Rs 2,68,000 per kg compared to Wednesday's closing of Rs 2,98,300. Gold's price decreased by 3% to Rs 1,60,600 per 10 grams.

Analysts attribute the sudden drop to a stronger US dollar, hawkish Federal Reserve remarks, and diminishing safe-haven demand. The downturn in bullion prices was also marked by international market trends, with significant price reductions in spot silver and gold contributing to heightened market caution.

(With inputs from agencies.)