Gold and Silver Price Crash: Gold and silver crash again, falling by up to ₹30,000; why are metals crashing repeatedly?

News Topical, Digital Desk : After two days of gains, gold and silver saw a sell-off that stunned investors. Pressured by international weakness and a strong US dollar, precious metals tumbled sharply, and prices fell sharply in one fell swoop.

On the domestic futures market, the Multi-Commodity Exchange (MCX), silver for March delivery fell by ₹29,850 (silver price crash), or nearly 12%, to a low of ₹2,39,000 per kilogram (silver price today). A day earlier, the same silver had closed at ₹2,68,850 (silver rate today). This represents a significant blow in a single session.

However, at the time of writing, silver recovered slightly and was down 6.43% from the previous day. Silver fell ₹17,300 to trade at ₹2,51,550 per kilogram.

Gold prices fell by up to Rs 4,500

Gold also remained under pressure during trading. Gold for April delivery was trading at Rs 1,52,808 (gold price today) per 10 grams till 3.15 pm with a slight decline of 0.16 percent i.e. Rs 238 (gold price fall). Whereas in the previous session it had closed at Rs 1,53,046 (gold rate today). The special thing is that during the trading session today morning, it had seen a decline of up to Rs 4591 (gold price crash). But by afternoon its prices started recovering.

'Profit-booking has spoiled the whole atmosphere'

Market experts say the recent rally failed to sustain, and profit-booking spoiled the sentiment. According to Renisha Chainani, head of research at Augmont, gold and silver have lost all their recent gains. Sharp selling and high volatility have returned to the market, breaking the upward trend.

There was a huge decline in the international market as well

The same picture was seen in the international market. By 3:15 pm on Comex, silver was trading down $5.65, or 6.75%, at around $78 per ounce (silver price today comex). During trading, it fell more than 13%, sliding to $73.38. Gold, meanwhile, fell $48.60, or 0.98%, to $4902 per ounce (gold price today comex), after previously crossing $5,000.

'Gold and silver may fall further'

IndusInd Securities analyst Jigar Trivedi points out that renewed selling pressure and increased volatility in the market have severely dented silver, especially. There were hopes of buying on dips, but the rally's failure to sustain has weakened confidence, and pressure may persist.

Experts believe that the Federal Reserve's dovish stance, tepid expectations for interest rate cuts, and a strong dollar have dimmed the luster of precious metals. Until global cues improve, gold and silver prices remain volatile and vulnerable to sharp declines.

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