Silver Price Crash: Massive drop in silver prices... 24,000 cheaper upon opening, gold also plummets

Silver Price Crash: Gold and silver prices have seen a major crash, and the prices of these precious metals, which were continuously rising rapidly, crashed as soon as the market opened on Friday. The biggest drop was in the price of silver, with its futures price on MCX falling by approximately ₹24,000. Not only silver, but the price of gold also fell, becoming ₹8,000 cheaper per 10 grams upon opening.

On Friday, the silver futures price on MCX dropped by approximately ₹24,000 per kilogram in one go, falling below ₹4 lakh.

Silver Price Crashes Suddenly

First, let's talk about the fall in silver prices. On the last trading day, Thursday, the silver price on the Multi Commodity Exchange had risen at a rocket speed, crossing ₹4 lakh per kilogram for the first time in history. However, it closed at ₹3,99,893 per kilogram at the end of trading, and when trading began on MCX on Friday, the silver futures price for the March 5 expiry fell by ₹23,993 to ₹3,75,900.

On the other hand, compared to the new all-time high level that silver prices reached on Thursday, a very large one-day drop has been observed. Yes, the silver high was ₹4,20,048 per kilogram, and from there, it became cheaper by ₹44,148 in a single day.

Gold also became so cheap in one go

After silver, let's talk about the fall in gold prices, which also saw a crash on MCX. On the last trading day, Thursday, gold, like silver, surged dramatically, reaching a new all-time high before finally closing at Rs 1,83,962. However, on Friday, when the gold contract for April 2nd expiry opened, it plummeted by Rs 8,862 in a single go, settling at Rs 1,75,100 per 10 grams.

Reasons behind the fall in gold and silver prices

Now, regarding the reasons behind the sharp decline in gold and silver prices in the MCX and global markets, experts say that after the precious metals rapidly reached new high levels, heavy selling was observed in the market. This profit-taking by investors led to the sudden and sharp drop in prices.