Gold Becomes Cheaper By Around ₹48,000 From Peak, Silver Crashes Sharply From Record High
· Free Press Journal
Mumbai: Gold and silver prices have seen a sharp fall after a recent rally. Both precious metals, which were rising quickly, suddenly dropped in the latest trading session.
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Silver saw a major fall, becoming cheaper by more than Rs 4,700 per kg in a single session. Gold also declined and became cheaper by over Rs 1,100 per 10 grams on the MCX.
Silver Falls Deep from Record High
Silver prices have dropped significantly from their all-time high levels. At one point, silver had touched record highs, but after the recent fall, it is now much cheaper compared to its peak.
Gold, Silver Crash Despite War Fears, Prices Slide Up To 10% As Rate Hike Worries & Profit Booking Hit Safe HavensAccording to market data, silver is currently more than ₹2 lakh per kg cheaper than its lifetime high level. This shows how sharply prices have corrected in a short period.
Gold Also Under Pressure
Gold prices have also followed the same trend. After the recent correction, gold is now trading significantly lower than its record high levels.
From its peak, gold prices have fallen by tens of thousands per 10 grams, making it relatively cheaper for buyers compared to earlier highs.
Why Prices Fell Suddenly?
The main reason behind this sudden fall is profit booking after a strong rally. Recently, gold and silver prices had surged due to global tensions and safe-haven demand.
Silver Jumps ₹11,000 To ₹2.51 lakh/kg, Gold Rises ₹3,200 To ₹1.56 Lakh On US-Iran Ceasefire BoostHowever, as soon as some stability returned in global markets, investors started booking profits, leading to a sharp correction in prices.
Volatility Due to Global Events
Global developments, especially tensions involving the US and Iran, have been a key driver of price movements. Earlier, ceasefire announcements pushed prices higher, but the rally did not sustain.
Gold Hits ₹1.56 Lakh/10g, Silver Jumps ₹2.58 Lakh/kg On West Asia TensionsThis shows that gold and silver prices are currently highly volatile and reacting quickly to global news.
What It Means for Buyers?
For buyers, the fall in prices may offer an opportunity to purchase gold and silver at lower levels compared to their peaks. However, experts suggest caution as volatility may continue in the near term.