Silver Price Crash: Silver, which had been making waves a few days ago by surpassing 400,000, has now seen a rapid crash, falling to half its peak. On Monday, the price of silver fell by more than 26,000 rupees in one stroke, reaching close to 200,000 rupees per kilogram.
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Gold Silver Price Cut: Gold and silver prices have plummeted. They are falling even amid the ongoing war in the Middle East. On Monday, silver prices plummeted so much that they have now fallen to half their highest level. Silver, with an expiry date of May 5th, had touched ₹4.20 lakh per kg in January on the Multi Commodity Exchange, but on Monday, the price fell to below ₹2 lakh during trading. Gold has also become cheaper by more than ₹63,000 from its high.
Silver is half its high price
Silver is crashing, and its price is falling with each passing day. On January 29th of this year, the price of silver crossed the historic level of Rs 4 lakh for the first time, reaching a lifetime high of Rs 4,20,048 per kilogram. On Monday, during trading on MCX, it fell sharply to Rs 1,99,643 per kilogram. Consequently, its price has fallen by more than half. The price of 1 kg silver has now fallen from its high to Rs 2,20,405.
However, gold and silver prices saw an improvement late Monday evening, with silver prices rising again to Rs 2.23 lakh per kilogram and gold reaching Rs 1.40 lakh per 10 grams.
Silver Prices Plummet Today
On Monday, the first trading day of the week, silver prices plummeted from the start of trading on the Multi Commodity Exchange. As futures trading progressed on the MCX, the price continued to fall further. Last Friday, the MCX Silver Price closed at ₹226,772 per kg, and from there, it quickly fell to ₹199,643. Consequently, silver fell by ₹27,129 in a single day.
10 grams of gold is now cheaper by ₹63,000
Like silver, the price of gold has also fallen sharply. On Friday, the last trading day of last week, the gold rate for the April 2nd expiry on MCX closed at ₹1,44,492 per 10 grams. On Monday, it fell sharply at the opening and continued to slide as trading progressed. By noon, the price of 10 grams of 24 Karat gold had fallen by ₹14,897 to ₹1,29,595.
If we talk about gold’s high, on January 29th, the gold futures price reached a high of ₹1,93,096 per 10 grams. Looking at the current price, the gold rate has fallen by ₹63,501 from this level.
What’s the fear that caused gold and silver to plummet?
Gold and silver are considered safe havens. Whenever global conditions deteriorate or a disaster strikes, people flock to them, leading to a surge in gold and silver prices. However, this trend appears to be changing. Global tensions are at their peak due to the Middle East War, yet both precious metals are plummeting.
The primary reason behind this is the rise in crude oil prices and the strengthening of the US dollar. The rising crude oil prices have sharply increased the risk of inflation, and this fear is driving investors to keep their money in their hands. The strength of the dollar has prevented precious metals from recovering even amid geopolitical tensions. It’s worth noting that high interest rates and a strong dollar increase pressure on gold and silver.
