New Delhi, Oct 30 Silver prices tumbled by Rs 8,300 to Rs 1.90 lakh per kilogram, touching their lowest level in nearly 11 months, in the national capital on Friday, as a sharp decline in international markets triggered a sell-off in precious metals.
Gold of 99.9 per cent purity also declined by Rs 1,300 to Rs 1,45,200 per 10 grams, inclusive of all taxes, from Thursday’s closing level of Rs 1,46,500 per 10 grams, according to the All India Sarafa Association.
Silver retreated after posting modest gains in the previous session. The white metal tanked by Rs 8,300 to Rs 1,90,200 per kg from the previous close of Rs 1,98,500 per kg.
The precious metal was last trading around these levels on December 10, 2025, when it was quoted at Rs 1.92 lakh per kilogram. In global markets, spot gold slipped below USD 4,000, down USD 122.06, or 3.04 per cent, to USD 3,899.33 per ounce.
Silver also fell below USD 50, tanking by USD 3.1, or 6 per cent, to USD 49.06 per ounce, touching its 11-month low. The white metal was quoted at USD 50 on November 21, 2025.
“Gold prices extended losses in the domestic market on Friday as bearish global factors affected market sentiment,” said Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities.
According to Ashish Rajodiya, Head of Commodities at PL Capital, silver prices also fell to their weakest level in 11 months as elevated crude oil prices, inflation concerns and expectations of tighter US monetary policy weighed on bullion.
“Spot gold slipped below USD 3,900 per ounce for the first time since mid-July, while silver tumbled more than 3 per cent to fall below USD 50, its lowest level since November, as elevated oil prices, stronger-than-expected US GDP growth and a hotter inflation print kept the path open for another Fed rate hike this year,” said Kaynat Chainwala, AVP Commodity Research, Kotak Neo.
Adding to the pressure, concerns over the sustainability of AI-related investment and a sharp selloff in technology stocks raised the risk of investors liquidating precious metals positions to cover losses elsewhere, she said.
“Gold and silver are now headed for monthly declines of more than 4 and 16 per cent, respectively.
“Meanwhile, any support from softer bond yields and a weaker dollar was outweighed by broader deleveraging across financial markets, with investors favouring US Treasuries as their preferred safe haven during the recent bout of risk aversion, limiting inflows into non-yielding metals,” Chainwala said.
(PTI News)
