Short-term correction for gold, silver after a continuous rally

In global markets, both precious metals continued downward spiral

Prices of gold and silver corrected sharply on Thursday and Friday after a sharp, continuous rally. The correction is expected to continue in the short term. Silver prices (without the goods and services tax) in Mumbai’s spot market on Friday closed at Rs 46,980 per kg, or 5.4 per cent lower than yesterday’s close of Rs 49,675. 

The standard gold price closed Rs 808 or 2.1 per cent lower at Rs 38,189 per 10 gm. It is the largest single-day fall in the past six months in percentage terms. In absolute terms it is largest single-day fall after November 5,