Mumbai, Jan 31 || Gold and silver prices saw a meltdown this week, amid dollar strengthening and aggressive profit booking from investors after an unprecedented rally in metal.
MCX gold February futures dipped 9 per cent while MCX silver March futures slid down 25 per cent on Friday. Currently gold futures stand at Rs 1,49,075, while silver futures at Rs 2,91,922 per kg.
The price of 10 gram 24-carat gold was at Rs 1,65,795 down from Rs 1,75,340 of previous day's close, according to data published by the India Bullion and Jewellers Association (IBJA).
The bearishness in precious metals came as US President Donald Trump nominated Kevin Warsh as the next Federal Reserve chair which fuelled a recovery in the US dollar.
Analysts said Warsh would be less supportive of lower interest rates due to his hawkish stance on inflation control and emphasis on Fed independence, which prompted selling among precious-metals traders.