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.