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Delhi. After two sessions of rise, silver and gold prices fell by up to 10 percent in futures trade amid weak trends in international markets and a strong US dollar. On the Multi Commodity Exchange (MCX), silver contracts for delivery in March fell by Rs 26,850, or 10 per cent, to Rs 2,42,000 per kg. In the previous session, the price of silver was Rs 2,68,850 per kg.

Similarly, gold prices for contracts for delivery in April slipped Rs 2,310, or 1.51 per cent, to Rs 1,50,736 per 10 grams from Wednesday’s closing price of Rs 1,53,046 per 10 grams. “Gold and silver gave up recent gains, snapping a two-day rally as fresh selling pressure and increased volatility returned to precious metals markets,” said Renisha Chainani, head of research at Augmont.

In the international market, silver and gold futures prices reflected the decline seen in domestic trade. In the COMEX market, silver for delivery in March fell by $ 8.85, or 10.48 percent, to US $ 75.55 an ounce. It fell by more than 13 percent during the day and touched a low of US$73.38 an ounce.

“Fresh selling pressure on the precious metal and increased volatility led silver prices to fall as much as 14 per cent to around US$ 73 an ounce,” said Jigar Trivedi, senior research analyst at IndusInd Securities. This broke the two-session rising trend.

Although it was expected that buyers will come forward to buy after the fall, but due to the failure of the recent rally, the prices of silver and other metals are likely to continue to fall. On the other hand, the price of gold supplied in April fell by US $ 80 or 1.61 percent to reach $ 4,870.9 an ounce.

In the last session it had once again crossed the US $ 5,000 mark. Trivedi cited the strengthening of the US dollar on expectations of a tough stance by the Federal Reserve and a slow pace of interest rate cuts as the reason for the selling.

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