New Delhi- Precious metal prices extended their decline on Thursday, with gold slipping to a three-month low and silver plunging nearly 50 per cent from its record high levels at the beginning of this year, as rising crude oil prices kept bullion markets under pressure.
The yellow metal of 99.9 per cent purity fell Rs 1,000 to Rs 1.48 lakh per 10 grams in the national capital from Wednesday’s closing level of Rs 1.49 lakh per 10 grams, according to the All India Sarafa Association.
Gold last traded around this level on July 30.
Silver also bore the brunt of the sell-off, tumbling Rs 5,900 to Rs 2,07,500 per kilogram, inclusive of all taxes, from the previous close of Rs 2,13,400 per kg.
The white metal was last seen around this level on December 18, 2025.
Silver has hit a 10-month low by declining Rs 31,500, or 13.18 per cent, from its December 31 level of Rs 2.39 lakh per kg. Silver has tumbled Rs 1.97 lakh per kg, or 48.70 per cent, from its all-time high of Rs 4,04,500 per kg on January 29 this year.
“Gold continued its weak trend in the domestic markets on Thursday as sentiment remains under pressure amid concerns over the West Asia conflict,” said Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.
In global markets, spot gold slipped below the USD 4,100 per ounce level, declining by USD 68.98, or nearly 1.7 per cent, to USD 4,072.30 per ounce. Silver also dropped nearly 4 per cent to USD 55.72 per ounce in global markets.
Bullion prices in overseas markets traded lower on Thursday, with spot gold slipping below USD 4,100 an ounce, as a surge in Brent crude oil towards USD 112 per barrel had revived inflation concerns and strengthened expectations of interest rates remaining elevated for longer by central banks, according to Ashish Rajodiya, Head of Commodities, PL Capital.
He added that silver had witnessed a steeper correction because of its higher volatility, while hawkish signals from the US Federal Reserve continue to weigh on both metals, while easing in crude and US-Iran tensions would give bullion room to recover.
Gaurav Garg, Head of Research at brokerage platform Lemonn, said investors are watching the Fed’s October 27-28 monetary policy decision and upcoming US inflation data for fresh direction.
Meanwhile, the rupee was trading around 94.56 against the US dollar, supported by foreign inflows and RBI measures. However, elevated crude oil prices are crucial for India’s import bill and inflation outlook, Garg added.