Silver Crashes 40% Globally, Gold Also Slides Sharply as Precious Metals Tumble
Steep sell-off on COMEX and Multi Commodity Exchange wipes out recent gains, leaving silver investors rattled and gold unable to recover
Gold and silver prices are crashing even faster than they had risen in the past. Silver prices, in particular, have caused a global uproar. Silver prices have fallen 40% from their peak in the international market, and they are also continuing to crash in India. On Thursday alone, silver prices on COMEX fell by a massive 20%, falling to $64 per ounce.
Silver investors are in a bad state
Seeing the rapid rise in silver, those who held back on buying it were worried. But now, investors are desperate, hoping for further price increases, as the price crashes every day after reaching its peak. On Thursday, the international market saw a sudden drop of nearly 20%, dropping nearly 40% from its lifetime high to $64 per ounce (about 28 grams). Its price had reached $120 per ounce last month.
What will happen to silver in India?
This global turmoil in silver prices is expected to result in a further sharp decline in the price of this precious metal in India, which is already experiencing a rapid crash. It's worth noting that on January 29th, silver futures with an expiry date of March 5th reached a high of ₹430,048 per kilogram on the Multi Commodity Exchange, and since then, it has fallen by ₹176,233 per kilogram.
Silver prices in India fell this much yesterday
Considering the decline in silver prices on MCX on Thursday, the price of 1 kg fell to ₹2,30,499 in early trading. Although the price saw some improvement at the end of trading, it still closed well below its high at ₹2,43,815 per kg. Calculating this, silver futures fell by ₹25,035 per kg in a single day. Its closing price on February 4th was ₹2,68,850.
Gold is also unable to recover
Aside from silver, if we look at the gold rate crash, it has also fallen significantly from its high level in just the past few days. On January 29, just like silver, the rate of 10 Gram 24 Karat Gold also reached Rs 1,93,096 and from this high level, gold is now cheaper by Rs 41,025 on MCX. On the last trading day, Thursday, it had closed at Rs 1,52,071.