Silver slides for 3rd straight day to Rs 2.6 lakh/kg; gold drops to Rs 1.52 lakh/10g
New Delhi (PTI): Silver prices extended its steep fall for the third straight day, tumbling Rs 52,000 to Rs 2.60 lakh per kg in the national capital on Monday, while gold fell to Rs 1.52 lakh per 10 grams amid weak global trends and a firm US dollar.
According to the All India Sarafa Association, the white metal nosedived Rs 52,000, or nearly 17 per cent, to Rs 2,60,000 per kilogram (inclusive of all taxes).
On Saturday, the metal tanked 19 per cent, or Rs 72,500, to Rs 3.12 lakh per kilogram.
In the last three sessions, silver prices have fallen 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 price of 99.9 per cent purity also bore the brunt of the sell-off, crashing by Rs 12,800, or 7.73 per cent, to Rs 1,52,700 per 10 grams (inclusive of all taxes) on Monday. It had settled at Rs 1,65,500 per 10 grams in the previous session.
Over the last three sessions, the metal has plunged 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.
"Gold and silver languished after the US dollar surged amidst President Donald Trump's tariff negotiations, and de-escalation between US and Iran with US shutdown fears also being delayed once again with a liquidity push," said Manav Modi, Analyst, Commodities at Motilal Oswal Financial services Ltd.
Gaurav Garg, Research Analyst at Lemonn Markets Desk, said, the Union Budget 2026-27 delivered no changes to gold and silver import duties in the domestic markets, contrary to market expectations, removing a potential near-term catalyst for prices in the country.
In the global market, gold and silver mirrored the bearish trend, with spot yellow metal slipping USD 83.75, or 1.72 per cent, to USD 4,781.60 per ounce.
"Spot gold began the week on a negative note and continue to reel under intense selling pressure, driven by firm dollar and President Trump's nomination of Kevin Warsh as the next Fed Chair," Praveen Singh, Research Analyst, Mirae Asset Sharekhan, said.
Spot silver prices also slipped USD 1.2, or 1.42 per cent, to USD 83.49 per ounce in the overseas trade.
"Market participants will focus on developments in Middle East, alongside monetary policy decisions from Europe, the UK, and India," Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said.
On the economic front, traders will also monitor US key data releases, including non-farm payrolls, the unemployment rate, and speeches from several Federal Reserve officials, are expected to influence the precious metals market this week, he added.
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Always stood by CM, will continue to do so in future, says Dy CM Shivakumar
Bengaluru (PTI): Seeking to junk claims of power tussle in the state, Karnataka Deputy Chief Minister D K Shivakumar on Monday asserted that he has always stood by Chief Minister Siddaramaiah and will continue to do so in future as well.
He said it is the party high command which decides leadership matters and the backing of certain number of MLAs could not decide anything.
During a discussion in the Karnataka Assembly, opposition leader R Ashoka said Shivakumar often spoke about the right time.
"Shivakumar says time will give the answer. We will get relief if he discloses which time he is talking about," Ashoka said.
The BJP leader said he has heard from Shivakumar’s camp that there are at least 56 MLAs to support the deputy chief minister.
"When I asked a person from Chief Minister’s camp he said every morning these 56 people go to Shivakumar’s camp and return to the CM’s camp by the evening. Labour Minister Santosh Lad is from the same category," Ashoka claimed. He added that Shivakumar was in a dilemma over whom to trust.
Lad took exception to Ashoka's statement and rejected being the follower of a particular camp, and retorted saying that the BJP is an "expert" in bringing down governments.
Ashoka said the BJP will never topple the government and hinted that the power tussle would bring down the Congress regime in the state.
He said Shivakumar should clear the air because for the past month, his speeches, statements, and social media posts have been conveying hundreds of meaning, thereby adding confusion.
Replying, the Deputy CM said, his strength is "139 MLAs" including the chief minister.
Further, the deputy chief minister said: "Siddaramaiah is also with me 100 per cent. There is no question on it. We both are together, working to fulfill the promises made to the people of Karnataka. We are marching in that direction and will continue to do so in future as well. There should not be any confusion."
He asserted that he always stood by Siddaramaiah during crisis and will do so in future. "He (Siddaramaiah) will also stand by me,” the Deputy CM said.
On his social media post, he said: "Decisions are not taken based on the number but it is the party leadership which decides. It is applies to both yours and my party."
The BJP replaced a number of chief ministers, MLAs were also changed and a major cabinet reshuffle happened, he added.
