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Investors Burnt as Silver Falls Over 30%, Gold Slides Nearly 20% From Peak
Gold Silver Price Crash Today: Gold and silver prices witnessed a sharp decline in the budget environment. Silver fell to ₹26,273 in futures trading, while gold also reached the lower circuit. According to experts, this decline is natural after a sharp rise, and further technical declines are possible in the coming sessions, after which stability may be achieved. Global factors have also increased this volatility.
There is turmoil in the bullion market due to the budget. There are sharp declines in silver prices in futures trading, which have hit the lower circuit, and there is heavy profit-taking in gold. This is a setback for investors, as they had purchased these commodities at higher levels.
At the Multi Commodity Exchange (MCX), the silver for delivery in March declined by Rs. 26,273 (Silver Price Crash), or by nearly 9%, to close at Rs. 2,65,652 (Silver Price Today) per kg.
In the previous session, silver had also declined by Rs 1,07,968 or 27% and closed at Rs 2,91,925, or the silver rate today. Silver has declined by 33.6% or Rs 1,34,241 in two sessions alone. On a weekly basis, silver has declined by almost 21% from its high of Rs 3,34,699 on January 23.
Gold also witnessed significant fluctuations. The gold contract for April delivery fell by 9% in early trade to Rs 1,38,634 (gold price today) per 10 grams, triggering a lower circuit.
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Later, it recovered slightly, but still fell by ₹4,241 (gold price fall), or about 3%, to close at ₹1,48,104 (gold rate today).
Earlier on Friday, gold had fallen by ₹31,617 (17.2%) to ₹1,52,345, while on Thursday it had reached a record high of ₹1,93,096.
Pranav Meer, Vice President, Commodity and Resources, JM Financial Services, said, "Rapidly rising prices tend to fall just as sharply, and the bullion market witnessed the same trend. In the domestic market, gold is down about 20% from its all-time high, while silver has slipped by about 37%. Further technical declines are possible in the next few sessions, after which stability may be achieved."
The impact of global markets was also visible. Gold prices on COMEX fell from a peak of $5,626.8 to close at $4,763.10 per ounce. Silver also fell $121.78 to $78.53 per ounce.
According to analysts, a strong dollar and US Fed Chairman Jerome Powell's indication that a rate cut would not occur soon increased pressure. Furthermore, news that former President Donald Trump had nominated Kevin Warsh as the next Fed Chairman also increased volatility.
This decline in gold and silver prices during the budget period suggests that buying at higher prices may be risky, and market volatility may continue for the time being.
