- Silver prices surged Rs 24,000 to Rs 2.84 lakh per kg in Delhi after a three-day fall
- Gold prices rose Rs 5,000 to Rs 1.57 lakh per 10 grams amid firm global cues and weak dollar
- Silver and gold rebounded following steep losses from record highs on Jan 29
Silver and gold prices ended a three-day steep fall and rebounded sharply in the national capital on Tuesday, with the white metal surging Rs 24,000 to Rs 2.84 lakh per kg, while gold climbed to Rs 1.57 lakh per 10 grams amid firm global cues and weak US dollar.
According to the All India Sarafa Association, silver prices soared Rs 24,000, or 9.23 per cent, to Rs 2,84,000 per kilogram (inclusive of all taxes). The metal had closed at Rs 2,60,000 per kg on Monday after slumping Rs 52,000.
The rebound followed a steep three-day fall in which silver prices plummeted Rs 1,44,500, or nearly 36 per cent from Rs 4,04,500 per kg -- its all-time high -- recorded on January 29.
Gold of 99.9 per cent purity also recovered, rising Rs 5,000, or 3.3 per cent, to Rs 1,57,700 per 10 grams from Monday's closing level of Rs 1,52,700 per 10 grams, as per the association.
The yellow precious metal had fallen Rs 30,300, or nearly 17 per cent, from its record high of Rs 1,83,000 per 10 grams on January 29, as investors rushed to book profits after a sharp rally.
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"Gold recouped part of its recent losses on Tuesday after a sharp unwinding of a record-setting rally that had pushed prices down to a four-week low. Silver also moved higher, supported by bargain hunting following two days of sharp sell-offs," Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said.
Gandhi added that investors who had been waiting for a correction to initiate long positions are now viewing the current pullback as a buying opportunity.
In the international markets, both precious metals mirrored the domestic rebound, with spot silver prices gaining USD 9.55, or 12.07 per cent to USD 88.77 per ounce, while gold climbed to USD 275.39, or 5.91 per cent, to USD 4,935.49 per ounce.
"Both metals have staged a sharp rebound, with spot gold and silver rising roughly 5 per cent and 8 per cent, respectively, after suffering steep declines of more than 15 per cent and 30 per cent over the past two sessions," Kaynat Chainwala, AVP Commodity Research, Kotak Securities, said.
The selloff was exacerbated by higher margin requirements and growing expectations that policy easing will be delayed until Jerome Powell's term ends in May, with a perceived hawkish candidate set to take the helm, she added.
On the outlook, Chainwala said gold and silver are likely to remain volatile, with markets focused on the upcoming US jobs report for clues on the timing of the Fed's next rate cut.
Meanwhile, Chinese markets will also draw attention, as previously elevated Shanghai-COMEX premiums highlighted physical-paper divergence that fuelled silver's unprecedented swings, while pre-Lunar New Year positioning risks further sharp moves post-holiday, she added.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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