silver price drop
Silver Price Crash: Silver Suddenly Became Cheaper By ₹18000 : Gold and silver prices are constantly surprising. Silver prices, in particular, have been fluctuating since the beginning of this week. On Monday, it suddenly fell below Rs 21,000, and on Tuesday, it was seen rising at a rapid pace again. On Wednesday, December 31, the last trading day of the year, the Multi Commodity Exchange (MCX) opened, and silver futures prices fell to Rs 18,000, making silver cheaper (Silver Price Crash).
Silver crashed as soon as it opened.
On the last day of the year, the international market (Comex Silver Price) slid badly, and a similar situation was seen on the Multi Commodity Exchange as well. MCX Gold Rate opened with a huge fall in its futures price compared to its previous trading day’s closing price of Rs 2,51,012 per kg. It became cheaper by more than Rs 18000 or about 6.90% in the initial trade and came down to Rs 2,32,228 per kg . However, as the trade progressed, this precious metal was also seen recovering, but till the time of writing the news, Silver Price was trading at Rs 2,40,200 with a fall of Rs 10,812 (4.31%).
How much cheaper is silver than its record high?
Regarding silver’s decline from its record high, the MCX Silver Price reached a high of ₹254,174 per kilogram on Monday and fell to ₹232,228 in early trading on Wednesday. Consequently, the 1 kg silver futures price (1 kg Silver Rate) is currently trading ₹21,946 per kilogram below its lifetime high.
Gold prices also fell suddenly
Gold also seems to be moving in tandem with silver. Gold rate has fallen significantly compared to its record high level of Rs 1,40,655 per 10 grams. On Wednesday, the 24 carat gold futures price (10 Gram 24 Karat Gold Rate) with expiry on February 5 on MCX was trading at Rs 1,35,756 with a decline. In such a situation, gold is now cheaper by Rs 4,899 per 10 grams from its lifetime high level.
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