Silver plunges over ₹2,400 on MCX; gold also retreats

Silver prices tumbled on the Multi Commodity Exchange on Tuesday, with the precious metal shedding more than ₹2,400 per unit in intraday trading. The sharp decline pushed silver to significantly lower levels, with the metal now trading ₹1.78 lakh below its recent highs, marking a substantial retreat from elevated valuations.

Gold also fell in tandem with silver's weakness, though the yellow metal's losses were more modest. The simultaneous decline in both precious metals suggests broader weakness in the commodities complex, with investor sentiment turning cautious.

The sell-off in silver has erased considerable gains accumulated over the preceding period, bringing valuations down to more attractive levels for buyers. Traders attributed the decline to profit-taking after the recent rally, though broader market dynamics remained in focus as investors reassess precious metals positioning.

The movement in silver and gold prices carries significance for Indian consumers and investors, given the widespread demand for jewelry and investment bullion in the domestic market. The price correction may influence retail demand patterns in the coming days.