Silver prices tumbled below the Rs 2 lakh per kg mark for the first time in over 10 months in the national capital on Tuesday, and gold dropped Rs 500, as weakness in global bullion markets and a stronger dollar weighed on sentiment, PTI reported. The white metal plunged Rs 4,000 to Rs 1.98 lakh per kilogram, inclusive of all taxes — its lowest level in 10 months — according to the All India Sarafa Association. Silver had closed at Rs 2.02 lakh per kg in the preceding session.

Source: PTI via The Sen Times

Yaani in simple terms: a kilo of silver that cost over Rs 2 lakh until Monday was available below that mark on Tuesday, and the day's fall of Rs 4,000 a kilo is roughly a 2 per cent drop in a single session.

Futures fell further on the MCX

In futures trade on the Multi Commodity Exchange (MCX), silver contracts for December delivery declined by Rs 3,743, or 1.91 per cent, to Rs 1,92,050 per kg in a business turnover of 3,482 lots, PTI reported in a separate market report carried by The Hindu BusinessLine. Analysts said a sell-off by participants mainly weighed on silver prices. Globally, the white metal was trading 2.14 per cent lower at $52.81 per ounce in New York.

Source: PTI via The Hindu BusinessLine

Gold futures also opened lower on Tuesday, declining by Rs 492 per 10 grams to an early low of Rs 1,42,581 per 10 grams against the previous close of Rs 1,43,073, according to MCX data reported by Upstox. Spot prices compiled by Upstox put 24-karat gold in Delhi at Rs 1,43,020 per 10 grams and silver (999 fine) at Rs 1,95,720 per kg on Tuesday morning — futures and spot rates differ because they are different markets and timings.

Source: Upstox (MCX data)