Patna: Gold and silver prices declined again on Friday, extending losses for a second consecutive session as investors booked profits after last month’s record rally.
According to data from the India Bullion and Jewellers Association (IBJA), silver prices in the bullion market fell by Rs 13,155 to Rs 2,41,184 per kg, down from Rs 2,54,339 a day earlier. Over the past two days, silver has become cheaper by Rs 41,278 per kg.
Gold also moved lower. The price of 10 grams of 24-carat gold declined by Rs 1,013 to Rs 1,51,489, compared with Rs 1,52,502 previously. In the last two sessions, gold prices have fallen by Rs 6,669.
The correction comes after a steep surge in late January, when bullion prices touched historic highs. On January 29, gold in the bullion market hit an all-time high of Rs 1,76,121 per 10 grams, while silver climbed to Rs 3,85,933 per kg.
Market volatility has been pronounced in recent weeks. Between January 29 and February 2, silver prices plunged by around Rs 1.60 lakh per kg, while gold fell by about Rs 26,000 per 10 grams. On the futures market (MCX), silver dropped from nearly Rs 4 lakh to around Rs 2.41 lakh per kg, and gold slipped from about Rs 1.70 lakh to Rs 1.40 lakh per 10 grams, before staging a brief recovery.
Analysts attribute the latest decline to two main factors. First, widespread profit booking followed the sharp rally, as traders moved to lock in gains at elevated levels. Second, physical demand weakened after prices surged, with additional concerns emerging over softer industrial consumption, particularly for silver.
Market participants are now watching global cues and demand trends closely to assess whether bullion prices will stabilise or see further correction in the coming days.
