New Delhi: The precious metals market witnessed a sharp decline for the second straight day on February 1. Silver prices plunged by approximately ₹25,000 per kg, reaching ₹2.65 lakh. Similarly, gold prices dropped by around ₹12,000, settling at ₹1.38 lakh per 10 grams. Investors are closely monitoring the market as silver fell 9% and gold saw an 8% correction.