New Delhi, Oct. 18 -- After a bumper rally over the past few weeks, the precious metals market witnessed a sharp correction on Friday, as both Gold and Silver prices tumbled on the Multi Commodity Exchange (MCX).

The decline came amid a profit-taking wave triggered by specific external market factors that temporarily eased geopolitical and economic anxieties.

Gold prices of 24 kt on MCX, which had recently touched a record high of Rs 1,32,294 per 10 grams, fell by around 3 per cent to Rs 1,25,957 per 10 grams.

Silver saw an even steeper fall, declining by more than 8 per cent, slipping from Rs 1,70,415 per kg to Rs 1,53,929 per kg.

Market experts described the correction as a healthy and expected development following an extraordinary...