Gold, silver prices dip after aggressive profit booking

Gold and silver prices fell on Friday, after hitting record highs in the previous session as investors booked profits and the US dollar gained strength.

MCX gold February futures fell 1.03 per cent to Rs 1,67,656 per 10 grams around 10 am on an intraday basis. Meanwhile, MCX silver March futures dipped 3.42 per cent to Rs 3,86,200 per kg. 

The silver prices had touched Rs 4,20,048 per kg on MCX in the previous session and later fell over 6 per cent to Rs 3,75,900 before it retraced to



the current level.

International markets saw spot gold prices declining over 4 per cent to $5,156.64 per ounce. Later, it retraced to $5,346.42. However, the yellow metal marked a more than 20 per cent surge this year. Year-to-date, the white metal has gained around 53 per cent. 

The broader structure remains firmly bullish, though the market is witnessing fast intraday swings, reflecting short-term overheating and tactical profit booking after the recent sharp rise, market watchers said.