Silver prices fell sharply on Thursday, January 8, declining by ₹12,500 to ₹2,43,500 per kg after closing at a lifetime high of ₹2,56,000 per kg in the previous session, according to the All India Sarafa Association. 

Meanwhile, the price of gold (24K, 99.9% purity) in the local bullion market decreased by ₹900 to ₹1,40,500 per 10 gram (inclusive of all taxes) compared to the previous close of ₹1,41,400 per 10 gram.

In the overseas markets, spot gold fell by $29.65, or 0.67%, to $4,426.91 per ounce, while silver traded 3.22% lower, or $2.51, to $75.67 per ounce.

Market participants will await Friday’s non-farm payrolls report, which is likely to add volatility and provide direction to bullion prices, said Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities. 

Gold futures for the February delivery fell to an intraday low of ₹1,36,443 per 10 gram on the Multi-Commodity Exchange (MCX) on Thursday, declining by 1.13% when compared to the previous close of ₹1,38,009 per 10 gram on Wednesday.

Silver futures also fell on Thursday, falling by as much as 5.8% from ₹2,50,605 per kg to an intraday low of ₹2,36,044 per kg on the MCX.