Gold and silver prices plunge sharply; silver down over 4,500 rupees

Bullion markets across India experienced substantial losses on Thursday as both gold and silver prices tumbled sharply in intraday trading. Silver bore the brunt of the selloff, with prices dropping over 4,500 rupees in a single session, pushing the metal to approximately 1.90 lakh rupees below its recent high. Gold also weakened, declining by around 2,000 rupees from previous levels. The sharp corrections indicate a shift in market sentiment, likely driven by broader macroeconomic factors affecting commodity pricing. Traders attributed the decline to profit-taking and reduced safe-haven demand as investors reassessed their precious metals positions. The declines came as a reversal from precious metals' earlier strength, when both gold and silver had reached elevated levels. Market participants will be closely monitoring whether the selloff signals a broader trend or represents a temporary correction in what has been an active trading period for bullion markets.