Silver prices crash to 11 month low in Delhi and Indore markets - Read Full Report Here

Precious metal investors and buyers witnessed a major market shift on October 30 as gold and silver prices registered sharp and significant declines across bullion markets in the country. Driven by weak global cues and heavy selling pressure in international markets, the domestic market mirrored the downward trend, offering substantial relief to retail buyers while creating a stir among traders and investors. In the national capital, the Delhi bullion market witnessed a massive plunge in silver prices as the metal crashed by 8,300 rupees to settle at 1,90,200 rupees per kilogram. With this steep correction, silver slumped to its lowest and weakest level in nearly 11 months, catching market analysts by surprise.

Gold Prices Also Record A Steep Decline

Alongside silver, the yellow metal gold also witnessed a sharp downward spiral in its valuations. 9 percent purity gold dropped to 1,45,200 rupees per 10 grams on Friday. In the previous trading session on October 29, gold had closed at 1,46,500 rupees per 10 grams. This translated into a direct and significant decline of 1,300 rupees per 10 grams in gold prices within a single day of trading. Market experts attribute this domestic sell-off primarily to weak trends and profit-booking in precious metals on the international front.

Silver Slips Back To 11 Month Low Levels

The correction in silver prices proved to be even more pronounced, marking one of the biggest single-day drops in recent times. The price plummeted by 8,300 rupees to reach 1,90,200 rupees per kilogram, down from its previous close of 1,98,500 rupees per kilogram on October 29.92 lakh rupees per kilogram. Reaching this low point after such an extended period has sparked concern among long-term investors while presenting an attractive entry point for retail consumers.

Global Markets Witness Weakness In Gold And Silver

The primary catalyst behind the sharp correction in domestic markets stemmed from negative global triggers. Overseas markets recorded heavy selling and notable weakness in both gold and silver futures and spot prices. 24 dollars per ounce. This steep fall dragged gold below the psychologically crucial threshold of 4,000 dollars per ounce globally. 12 dollars per ounce. These significant global developments had an immediate and cascading impact on Indian bullion trading.

Indore Bullion Market Reflects The Downward Trend

Mirroring the national capital, the prominent commercial bullion market in Indore, Madhya Pradesh, also recorded notable declines in gold and silver prices on Friday. According to local traders and market reports, gold in Indore became cheaper by 800 rupees per 10 grams, while silver prices registered a sharp drop of 7,500 rupees per kilogram. Local trade data indicates that the average price of gold in Indore stood at 1,43,000 rupees per 10 grams, while silver was quoted at an average of 1,88,000 rupees per kilogram. On top of that, retail silver coins in the Indore market were traded at 2,650 rupees per piece, drawing increased local footfall.