Gold Silver Price Today witnessed a sharp decline. Silver on MCX plummeted by 14,000 rupees per kilogram in a single day, while gold prices also fell. Record levels followed by profit booking and weak global cues were the reasons for the decline.
Gold Silver Price Today: Wednesday proved to be a surprising day for investors in gold and silver. The precious metals, which had been consistently rising in recent days, suddenly saw b selling pressure. This had a direct impact on prices, and both gold and silver prices fell rapidly. The biggest blow was to silver investors, as its price fell by nearly 14,000 rupees per kilogram in a single day.
Market experts say that investors preferred to book profits after reaching record high levels. Weak global cues and negative signals from international markets also put pressure on prices.
Silver Price Crash Surprises Investors
The Multi Commodity Exchange (MCX) witnessed significant volatility in silver futures on Wednesday. Selling pressure on silver increased at the start of trading, and prices began to fall rapidly. During the day, silver fell by more than 14,000 rupees, reaching a low of 2,35,814 rupees per kilogram.
This decline is considered significant because silver had recently touched a record high. Compared to that level, the price of silver has fallen by about 21,000 rupees per kilogram. Such a large decline in a single blow has completely changed market sentiment.
Last Week's Rally Fueled the Decline
Silver saw a b rally last week. Silver prices on the MCX rose by more than 15 percent last week. Many investors made good profits during this rally.
When prices reach record levels, investors typically start profit booking. Something similar was seen on Wednesday. As soon as investors began to secure profits, selling increased, and silver prices registered a sharp decline.
Gold Price Today Also Softens
Along with silver, gold prices also showed weakness. Although the decline in gold was less than in silver, investors still felt the impact.
On the morning of December 31st, the price of 24-carat gold in Delhi fell to 1,36,340 rupees per 10 grams. Meanwhile, 24-carat gold traded around 1,36,190 rupees per 10 grams in Mumbai.
Regarding 22-carat gold, its price in Delhi was 1,24,990 rupees per 10 grams. 22-carat gold was trading around 1,24,840 rupees per 10 grams in Mumbai, Chennai, and Kolkata.
Gold Rate in Major Cities
Gold prices also fell in other major cities of the country. The price of 24-carat gold in Pune and Bengaluru was 1,36,190 rupees per 10 grams. 22-carat gold also remained around 1,24,840 rupees per 10 grams here.
This decline after a continuous rally indicates that the market is currently adopting a cautious approach. Investors are waiting for further signals to determine the next course of action.
Impact of Global Signals and Profit Booking
According to experts, the impact of the global market is clearly visible on the prices of both gold and silver. Strengthening of the dollar and fluctuations in bond yields at the international level have put pressure on precious metals.
In addition, when an asset experiences continuous growth, investors start to book profits after a certain period. This profit booking reversed the market direction on Wednesday. Especially in silver, where a sharp rise was recently seen, selling was more aggressive.
