Silver slips from record highs, falls to ₹2.40 lakh per kg on MCX, creating a stir among investors
Punjab Newsline, Buisness:
If you were planning to invest in precious metals, this news may bring a smile to your face. After touching record highs for a long time, gold and silver prices have suddenly started declining. As soon as the market opened on Thursday, a sharp fall was seen in precious metal prices, with silver witnessing the biggest shock. This sudden drop has created strong buzz among investors as well as retail buyers.
Silver loses its shine
Thursday turned out to be a day of major turbulence for the silver market. On the Multi Commodity Exchange (MCX), silver, which had closed near ₹2.68 lakh per kilogram in the previous session, slipped sharply at the opening. Within just a few hours, silver prices plunged to around ₹2.40 lakh per kilogram. This marks a steep decline of nearly ₹28,443 per kg in a single session, one of the sharpest falls seen in recent times.
What caused the sharp decline
According to market experts, weak trends in the international market, a stronger US dollar, and heavy profit booking after recent record highs have put pressure on silver prices. Silver had recently touched an all-time high level, prompting investors to lock in profits. Additionally, global economic uncertainty and concerns over interest rates have also weighed on precious metals.
What it means for investors and buyers
This sharp fall in silver prices could be a good opportunity for those who were waiting for the right time to buy. Analysts believe that if prices remain at these lower levels, demand for physical silver and jewellery may increase. However, investors are advised to closely track market trends and global cues before making any investment decisions.
Overall, this steep decline in silver prices has shaken the market. It will be interesting to see whether prices fall further in the coming days or stabilize and regain strength from current levels.