After reaching record prices on January 29, silver has collapsed. Silver has fallen by 60 thousand in one stroke. Silver had crossed the mark of Rs 4 lakh per kg a day earlier and on MCX it had crossed Rs 4.20 lakh per kg. However, on Friday there was a big fall in silver prices and it went down by Rs 60 thousand.
A big fall was seen in silver prices on January 30 on the Multi Commodity Exchange (MCX). Silver prices fell by 15 percent and hit the lower circuit. The price came down to 59,983. Silver has now come to Rs 3,39,910 per kg.
80 thousand below record high
On MCX, silver price opened at ₹3,83,898 per kg, falling 4% against the previous closing price of ₹3,99,893 per kg. On Thursday, the price of silver on MCX reached a new record of ₹ 4,20,048 per kg. If compared with the record price, the price has fallen by about Rs 80 thousand per kg on Friday.
Big fall in gold also
Gold price on MCX opened 1.88% lower at ₹1,80,499 per 10 grams as against the previous closing price of ₹1,83,962 per 10 grams. Selling in gold intensified, due to which the price of gold on MCX fell by more than 7%. In the previous session, the price of gold on MCX had reached a record level of ₹ 1,93,096 per 10 grams. By 3:43 pm, gold prices came down to Rs 1,69,652 per 10 grams.
Why did gold and silver fall?
The reason for this fall in gold and silver is being said to be profit booking. After the record rise on Thursday, traders booked profits. This fall came at a time when gold and silver had made new records a day earlier. Silver came down after reaching a high of ₹4,20,048 per kg, while gold went up to ₹1,80,779 per 10 grams. A decline was also seen in the international market, where Comex gold fell 2.2% to $ 5,236.74 an ounce. Manav Modi of Motilal Oswal Financial Services told PTI that strong profit booking was seen in gold and silver due to the rise in the dollar after touching record highs. The dollar index bounced back from a low of 96, while the dollar-rupee pair touched a new record high.