On Tuesday, silver prices have once again made a strong comeback. After facing a historic fall on Monday, silver prices were seen rising rapidly due to buying by investors on Tuesday morning. Although the current levels are still below their record highs, the market seems to be in a bullish mood again.
On Monday, silver crossed the level of Rs 2.50 lakh per kg for the first time in history and during trading it reached Rs 2,54,174 per kg. But after this huge profit booking was seen. Investors started selling at higher levels, due to which the price of silver fell by about Rs 30 thousand to below Rs 2.25 lakh by the time the market closed. This is considered to be the biggest decline in a single day in the last several years.
Silver prices rose again on Tuesday
After Monday’s sharp fall, silver prices regained strength on Tuesday. An increase of more than Rs 12 thousand was recorded in the prices of silver on Multi Commodity Exchange (MCX). During trading, silver rose by Rs 12,478 to Rs 2,36,907 per kg.
At around 9:45 am, silver was trading at Rs 2,33,482 per kg with a rise of Rs 9,053. A day earlier, silver had closed at Rs 2,24,429, while it was expected to have a weak start on Tuesday. Despite this, buying was seen as soon as the market opened and it opened at Rs 2,31,100.
Investors show confidence again
Experts believe that after such a huge fall, investors got an opportunity to buy silver at cheap prices. This is the reason why enthusiasm was seen again in the market on Tuesday. According to experts, despite the current fluctuations, silver prices may go up to Rs 2.75 lakh per kg in the coming few weeks. News related to peace talks at the international level are also being considered a reason behind Monday’s decline, especially the discussions related to America and Ukraine had an impact on the commodity market.
Gold prices also rise
Along with silver, an improvement was also seen in the prices of gold on Tuesday. In the futures market, gold was trading at Rs 1,35,675 per 10 grams with a rise of Rs 733 at around 9:50 am. During trading, gold also reached the day’s high of Rs 1,36,044 per 10 grams. Earlier on Monday, there was a sharp fall in the prices of gold and it closed at Rs 1,34,942 per 10 grams. On Monday, a fall of about Rs 4,931 was recorded in gold.
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