Gold and silver prices have seen a sharp correction after a recent strong rally, with both precious metals falling significantly in the latest trading session.
Silver recorded a steep decline, becoming cheaper by over ₹4,700 per kg in a single session. Gold also slipped, dropping by more than ₹1,100 per 10 grams on the MCX.
Silver falls from record highs
Market data shows that silver is currently trading more than ₹2 lakh per kg below its lifetime high, highlighting the extent of the recent correction. After touching record levels earlier, silver prices have now eased sharply.
Gold has followed a similar trend. The metal has declined from its recent peak, with prices falling by several thousand rupees per 10 grams, making it relatively more affordable compared to earlier highs.
The sudden decline is largely attributed to profit booking after a strong upward rally. Gold and silver had surged recently due to global uncertainty and safe-haven demand. However, with some stability returning to global markets, investors began booking profits, triggering the correction.
Global developments, including tensions involving the US and Iran, have been influencing precious metal prices. Earlier gains driven by geopolitical uncertainty have now reversed as sentiment stabilised, leading to increased volatility.
The recent fall may offer buying opportunities for consumers compared to peak levels. However, experts advise caution, noting that prices remain highly volatile and may continue to fluctuate in the near term.
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