Global Chaos in Silver Market, Down 40% from High, Rapid Crash in India
The trend of crashing silver prices continues. It is becoming cheaper every day, both domestically and internationally. Gold is also struggling to recover.
Gold and silver prices, which had risen so rapidly in recent times, are now crashing even faster (Gold-Silver Price Crash). The silver market, in particular, is experiencing global turmoil. In the international market, the silver price has fallen by up to 40 percent from its high, and it continues to crash in India as well. On Thursday alone, the silver price on COMEX saw a significant drop of 20%, falling to $64 per ounce.
Investors in Silver are in a bad situation
Those who missed out on buying silver when its price was soaring were worried, but now those who invested in it, hoping for further price increases, are in distress because it is crashing every day after reaching its high (Silver Price Crash). In the international market, on the last trading day, Thursday, spot silver fell by about 20 percent in one go, bringing it down to $64 per ounce (approximately 28 grams), a drop of about 40 percent from its all-time high. Its price had reached $120 per ounce last month.
What will happen to silver in India?
The global turmoil in silver prices is expected to lead to an even sharper decline in the price of this precious metal in India, where it is already crashing rapidly. It is worth noting that on January 29, the futures price of silver with a March 5 expiry on the Multi Commodity Exchange reached a high of Rs 4,30,048 per kilogram, and since then, it has become cheaper by Rs 1,76,233 per kilogram. Silver prices in India plummeted yesterday.
Looking at the decline in silver prices on MCX on Thursday, the previous trading day, the price of 1 kg of silver fell to ₹2,30,499 in early trading. Although there was some recovery by the end of trading, it still closed significantly lower than its high at ₹2,43,815 per kilogram.
Gold is also struggling to recover
Besides silver, if we look at the gold rate crash, it has also become significantly cheaper from its high levels in the past few days. On January 29th, similar to silver, the rate of 10 grams of 24-karat gold had also surged to ₹1,93,096.
