Silver has become cheaper by Rs 21 thousand in a few hours on the country’s futures market Multi Commodity Exchange. Within a few minutes of the market opening at 9 in the morning, an increase of more than Rs 14 thousand was seen in the prices of silver and the price crossed Rs 2.50 lakh for the first time and reached a new record level. After which the selling by investors started. The special thing is that the price of silver has gone down by more than Rs 21 thousand from the record level. Three big reasons are being given behind this. The biggest reason is said to be profit booking. On the other hand, peace talks have started once again between Russia and Ukraine, due to which the demand for safe haven has reduced. Due to which silver prices have fallen by more than 8 percent from their record high. Let us also tell you what kind of story the silver figures are telling…
Silver crashed more than 8 percent
According to Multi Commodity Exchange data, silver prices have fallen by 8.28 percent from their record high. This means that in about 3 hours a fall of more than Rs 21 thousand has been seen in the price of silver. If we look at the data, at 9.02 am the price of silver had reached a life time high of Rs 2,54,174. After that, around 12.20 pm, the price of silver fell by Rs 21,054 to Rs 2,33,120 lakh. Such crashes are rarely seen. However, currently at 1:55 pm, silver is trading at Rs 2,37,153 with a fall of Rs 2,634. However, on the last trading day of last week, silver had closed at Rs 2,39,787.
What caused the silver crash?
In the international market, silver prices crossed $ 80 an ounce for the first time on Monday, but later due to profit booking and news of fruitful talks on a possible peace deal between US President Donald Trump and Ukrainian President Volodymyr Zelensky, the prices fell below $ 75. Trump said on Sunday that he and Zelensky were close, perhaps too close, to an agreement to end the war in Ukraine. Today’s fall in silver is part of broader profit-booking in the bullion market, as demand for safe haven investments is falling due to easing geopolitical tensions.
When silver crossed Rs 2.50 lakh
However, there was a tremendous rise in the prices of silver in the morning. According to the data, within a few seconds of the market opening, an increase of Rs 14,387 was seen in the price of silver and the price reached a life time high of Rs 2,54,174. However, after falling by more than 8 percent, silver has given more than 180 percent returns to investors in the current year. In the current month, silver has given a return of about 40 percent to the investors. According to experts, due to increase in industrial demand for silver, there has been an increase in the prices. On the other hand, there has been a significant reduction in supply.