Silver Prices Crash, Gold Extends Two-Day Loss
Silver plunges nearly ₹9,700 in two days, trading over ₹2 lakh below its record high, while gold slips almost ₹4,000 amid global market pressure.
Silver Prices Crash, Gold Extends Two-Day Loss
Gold and silver prices witnessed a sharp correction for the second consecutive trading session on Friday, with both precious metals coming under heavy selling pressure on the Multi Commodity Exchange (MCX). The latest decline has pushed silver more than ₹2 lakh below its all-time record high, while gold has also lost nearly ₹4,000 per 10 grams over the past two sessions.
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After witnessing strong gains during the first half of the week, the precious metals reversed course as investors booked profits amid rising global market volatility.
Silver Falls Sharply for Second Straight Day
At the opening of Friday’s trading session, the September 4 silver futures contract on MCX dropped by ₹2,050, falling from ₹2,19,375 to nearly ₹2.17 lakh per kilogram. The decline follows Thursday’s sharp correction, indicating continued selling pressure in the silver market.
Silver Down Nearly ₹9,700 in Just Two Days
Only two trading sessions ago, silver had touched ₹2,26,998 per kilogram. Since then, prices have fallen by ₹9,673 per kilogram, marking one of the steepest short-term corrections in recent weeks. Domestic bullion markets also witnessed a fall of over ₹3,000 per kilogram in silver prices on Thursday.
Over ₹2 Lakh Below Record High
Despite remaining historically expensive, silver is now trading significantly below its all-time high. Earlier this year, MCX silver futures had crossed the ₹4 lakh mark for the first time, hitting a record ₹4,20,048 per kilogram. Following the latest correction, silver is now ₹2,02,723 per kilogram below that peak.
Gold Slips Nearly ₹4,000
Gold prices have also witnessed a sharp correction. The 24-carat gold futures contract, which closed at ₹1,45,680 per 10 grams on Wednesday, has declined by ₹3,938 over the last two trading sessions.
Why Are Gold and Silver Prices Falling?
Market experts attribute the decline to multiple global factors, including profit booking by investors, a stronger US dollar, international market developments, and increased volatility in commodity markets. These factors have created significant pressure on precious metal prices after their recent rally.
Experts Advise Caution
With volatility remaining high, analysts have advised investors to avoid making fresh investments in gold, silver, or Gold and Silver ETFs without proper financial guidance. Experts believe prices may continue to witness sharp fluctuations in the near term, making cautious investment decisions essential.
