Gold price slips 0.3%, silver falls 0.8% on Thursday

Gold is available at Rs 52,570 per 10 gram, while silver is at Rs 69,039 per kg.   

After a day when the gold price hit an intraday high of Rs 55,200, metal prices on Thursday dropped in Indian markets after a selloff in the earlier session. Gold futures on the MCX were down 0.35 percent to Rs 52,570 per 10 gram. At the same time, silver lowered to 0.8 per cent to Rs 69,039 per kg. 

In the previous session, gold and silver fell by Rs 1500 per 10 gram and Rs 2,000 per kg, respectively.

Meanwhile, globally, gold extended its losses after a sharp drop the previous session as risk sentiment improved following indications that Ukraine is ready for a diplomatic solution with Russia, which launched an invasion of the eastern European nation on February 24.

Concerns about bullion and other commodities, such as oil and wheat, have fallen in recent, due to the ongoing Ukraine crisis, as well as the threat of an inflationary shock to the global economy. 

In Singapore, the gold dropped 0.5 per cent to $1982.31 per ounce after falling 2.9 per cent just a day ago. It was the highest since January last year. On Tuesday, the prices were at $2070.4 an ounce, just a $5 short of August 2020's all-time high.