Silver Prices Crash: Gold and silver prices witnessed a sharp sell-off on the Multi Commodity Exchange (MCX) on Friday, retreating steeply from their record high levels hit in the previous session. The fall was led by silver, which saw a deep cut amid aggressive profit booking, while gold also came under heavy pressure.
MCX silver crashes sharply
MCX silver futures plunged by over Rs 73,000 per kg during intra-day trade, dragging prices below the Rs 3.30 lakh per kg mark. From its recent record high, silver has now corrected by nearly Rs 90,000 per kg, highlighting the intensity of the sell-off.
The sharp decline came after MCX silver had scaled an all-time high in the previous session, driven by speculative buying and strong global cues.
MCX gold falls nearly Rs 13,000
MCX gold futures also witnessed a steep fall, slipping by around Rs 13,000 per 10 grams in intra-day trade. From its record peak, gold prices on the MCX have now corrected by nearly Rs 25,000 per 10 grams, as traders booked profits after the recent sharp rally.
Gold prices had touched a lifetime high in the previous session amid heightened safe-haven demand.
Global bullion under pressure
The weakness in domestic prices mirrored sharp losses in the global market. Global gold prices fell by nearly $390 per ounce from record levels, while global silver prices crashed around 16 per cent, reflecting a broad-based correction across precious metals.
Market participants attributed the fall to a stronger US dollar and profit taking after the recent surge.
Strong monthly gains still intact
Despite the sharp correction, bullion prices remain on track for an exceptional monthly performance. Gold is headed for its biggest monthly gain since 1980, supported by persistent geopolitical tensions and economic uncertainty. Silver, too, continues to outperform on a monthly basis, even after Friday’s steep fall.
Meanwhile, the dollar index edged higher, supported by the US Federal Reserve’s decision to keep interest rates unchanged, adding pressure on non-yielding assets like gold and silver.
Experts said near-term volatility in bullion prices may persist, though the broader outlook remains supported by global uncertainty and strong safe-haven demand.