Gold and silver prices in India fell sharply today amid a rebound in global equity markets. On MCX, June gold futures fell over ₹1,000 per 10 gram to ₹46,200.
Tracking gold, May silver futures plunged 1.7% to ₹43,492 per kg. Gold prices had hit new highs in India this week amid a global rally and weakening rupee, hitting record high of ₹47,327 per 10 gram in the previous session.
Rupee had hit a record low of 76.87 against the US dollar on Thursday. In global markets, gold prices inched lower today amid strong traction in global equity markets but fears of a steep global recession capped the precious metal's decline.