New Delhi: In a major development the silver prices collapsed 19 percent to Rs 3.12 lakh per kg in the national capital on Saturday. Gold on the other hand plunged 2 percent to Rs 1.65 lakh per 10 grams as investors booked profits amid a global selloff triggered by a stronger US dollar news agency PTI reported. According to the All India Sarafa Association silver nosedived Rs 72500 or 18.85 per cent to Rs 312000 per kilogram (inclusive of all taxes) marking a second straight day of heavy losses wiping out much of this weeks record gains.

Sandip Raichura CEO of Retail Broking and Distribution & Director PL Capital said “Warshs nomination triggered profit booking in Asia which then spread to the rest of the world.” “Silver had a non-linear run and had reached severely overbought levels. When profit booking begins drawdowns have historically been significant and Friday was no different despite no major actual moves in the US dollar” he added.
A city-wise break-up of current prices:
Mumbai: Silver prices in Mumbai were the same as Delhi at Rs 394.90 per gram or Rs 394900 per kilogram on Friday.

Hyderabad:  Silver traded at a premium in the city quoted at Rs 404.90 per gram and Rs 404900 per kilogram.

Bengaluru: The price of silver in Bangalore on Friday was Rs 394.90 per gram and Rs 394900 per kilogram.

Kolkata: The price of gold in Kolkata today was Rs 16919 per gram for 24 karat gold Rs 15509 per gram for 22 karat gold and Rs12689 per gram for 18 karat gold. The price of silver in Kolkata is Rs 394.90 per gram and Rs 394900 per kilogram.