Silver Price Crash: Gold and silver prices have experienced a significant drop. Over the past few days, gold and silver prices have been rising steadily. However, the market crashed as soon as it opened on Friday. The biggest drop was seen in silver prices. On MCX, the futures price fell by approximately Rs 24,000. Not only silver, but gold prices also decreased. As soon as the market opened, gold became cheaper by up to Rs 8,000 per 10 grams.
Silver Price Crashes Suddenly
On the previous trading day, Thursday, silver prices on the Multi-Commodity Exchange surged. The price of silver crossed Rs 4 lakh per kilogram for the first time. However, it closed at Rs 3,99,893 per kilogram at the end of trading. On Friday, when trading began on MCX, the futures price of silver with a March 5th expiry fell by Rs 23,993 to Rs 3,75,900. The all-time high level for silver was recorded at Rs 4,20,048 per kilogram, from where a significant drop of approximately Rs 44,148 was recorded in a single day. Gold prices also declined sharply. On MCX, gold became cheaper by approximately Rs 8,000 per 10 grams as soon as the market opened.
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Gold and Silver Prices in the Domestic Market
According to the All India Sarafa Association, on Thursday, silver rose by Rs 19,500 or 5.06 per cent to a record high of Rs 4,04,500 per kilogram (including all taxes). The price of 99.9 per cent pure gold increased by Rs 12,000 or 7.02 per cent, rising from its previous closing price of Rs 1,71,000 per 10 grams to a new high of Rs 1,83,000 per 10 grams. Silver Prices
Silver Price Today
Mumbai: Approximately ₹4,01,760 per kilogram
Delhi: Approximately ₹4,01,060
Chennai: Approximately ₹4,02,920
Hyderabad: Approximately ₹4,02,390
Bengaluru: Approximately ₹4,02,070
Kolkata: Approximately ₹3,86,420
Why the decline?
Experts say that after precious metals rapidly reached new highs, the market witnessed heavy selling. This profit-taking by investors led to a sudden price drop. The atmosphere of global tension persists, but amidst the tariff attacks, US President Donald Trump has taken steps to negotiate a nuclear deal with Iran, which is also having an effect.
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