Bullion market, April 2: Gold slumps ₹3,500 per 10 gms, silver declines ₹9,000 on weak global trends

Silver prices fell sharply by ₹9,000 to ₹2.37 lakh per kilogram in Delhi on Thursday, April 2, while gold declined by ₹3,500 to ₹1.51 lakh per 10 grams amid a bearish sentiment in the domestic market.

Gold of 99.9% purity also declined by ₹3,500, or 2.26%, to ₹1,51,500 per 10 grams (inclusive of all taxes).

According to the All India Sarafa Association, the white metal depreciated by ₹9,000, or 3.66%, to ₹2,37,000 (inclusive of all taxes) from Thursday's closing level of ₹2,46,000 per kg.

Precious metals declined as US President Donald Trump gave a national address, stating that the US would continue the war in Iran over the next couple of weeks, curbing hopes of de-escalation.

Trump said that Washington's core strategic objectives with reference to the war could be nearing completion, but warned Tehran of potential military strikes over the next two to three weeks.

Gold, silver futures

Gold futures for delivery in June declined as much as ₹6,608 or 4.3% to hit an intraday low of ₹1,47,100 per 10 grams on the Multi-Commodity Exchange (MCX) on Thursday, compared to the closing price of ₹1,53,708 per 10 grams in the previous session.

At around 7:21 PM, the yellow metal contract was trading ₹5,055 or 3.29% lower at ₹1,48,653 per 10 grams in business transactions of 7,315 lots.

Silver futures for expiry in May fell as much as ₹19,001 or 7.8% to an intraday low of ₹2,24,500 per kg, as against the closing of ₹2,43,501 per kg in Wednesday’s session.

At the time of writing, silver futures for expiry in May stood at its intraday low of ₹2,29,907 per kg, marking a ₹13,594 or 5.58% drop in business transactions of 6,312 lots on the MCX.

The MCX will observe a holiday on April 3 on account of Good Friday.

In the international market, spot silver plummeted by $5.49, or 7.32%, to $69.57 per ounce, while gold declined $166.79, or 3.51%, to $4,591.52 per ounce.