Gold, Silver Prices: White metal crashes Rs 95,376 in a day, yellow metal drops 9%

In the global market, global gold crashes $500, falls below $4,900, and the sell-off in gold and silver has deepened further. On the MCX, silver slipped nearly Rs 1.07 and is currently trading around Rs 2.9 lakh per kg below its record high hit just a day ago.

February gold futures on MCX decreased to Rs 1.50 lakh per 10 grams, and prices fell by Rs 20,000.

The precious metals market experiences increased volatility because prices are now dropping from their previous all-time high records.

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Gold and silver witness a sharp sell-off as silver drops over 20 per cent, and the yellow metal hits a lower circuit amid global weakness

The prices of white metal witnessed a steep fall on Friday, plunging nearly Rs 1 lakh from their record high levels, triggering panic across the precious metals market. In the global market, silver slipped below $95, marking a sharp decline of around 18 per cent.

Heavy selling hits the domestic market

In the domestic market, silver prices fell to around Rs 3.17 lakh, while on the Multi-Commodity Exchange (MCX), silver tumbled to nearly Rs 3.15 lakh, registering a massive 21 per cent drop. The metal once again hit the lower circuit at 21 per cent, highlighting intense selling pressure.

Gold is also under pressure

Gold also came under heavy pressure, sliding nearly Rs 30,000 from its lifetime high. On MCX, gold prices dropped to around Rs 1.64 lakh, before slipping further to nearly Rs 1.62 lakh. The yellow metal hit a 12 per cent lower circuit, reflecting the sharp correction seen in silver.

The sharp correction in gold and silver prices reflects heightened volatility in global markets, with investors rushing to book profits after the recent record-breaking rally in precious metals.

MCX gold and silver prices crash

MCX gold and silver prices show a decreasing trend. The current price changes have surprised most investors who tracked the market.

According to experts, gold and silver became popular safe-haven investments during worldwide market uncertainty, which caused their prices to increase over multiple days. The market drop has created uncertainty about whether the previous price increase has stopped or if this marks the typical profit-taking activity after reaching all-time high values.

Silver displays extreme price fluctuations, which make it unpredictable. The metal reached its highest prices when it surpassed gold, but then experienced one of its most significant price drops in recent trading sessions.

The sudden market change has made it difficult for investors to comprehend its current situation.