Gold futures on the MCX also came under pressure, falling 9% to ₹1,54,158 per 10 grams, as both metals corrected sharply after a strong rally earlier in the year.
Market participants attributed the steep decline to aggressive profit booking at elevated levels, alongside firmer global bond yields and improving risk appetite, which reduced demand for safe-haven assets.
Silver’s sharper fall was amplified by its higher industrial exposure, with concerns over global manufacturing demand adding to the pressure.
The moves reflect sharp intraday losses in MCX futures rather than retail bullion prices, traders said.
Volatility is expected to remain elevated in the near term as investors track global interest rate signals, currency movements and broader macroeconomic cues.
(Edited by : Prashanth Perumal)