World · India Bureau
Silver Plunges Over 4,000 Rupees; Gold Also Weakens
Precious metals prices fell sharply on Tuesday as futures trading opened on MCX, with silver dropping below 1.80 lakh rupees per kilogram following Monday's gains. Gold also declined amid the broader market weakness.
LSN India ·
Silver prices extended losses on Tuesday, with the precious metal shedding more than 4,000 rupees per kilogram in intraday trading on the Multi Commodity Exchange (MCX). The sharp decline came as futures trading commenced, erasing gains recorded during the previous session on Monday.
Silver futures fell below the 1.80 lakh rupee mark per kilogram, marking a significant reversal from recent strength. Gold prices also came under pressure during the same period, declining alongside its sister precious metal in synchronized weakness.
The pullback in precious metals comes after a period of strength that saw prices rallying in the previous trading session. Analysts attribute the sharp correction to profit-taking and broader market movements, though specific catalysts driving Tuesday's decline remained unclear.
Precious metals trading in India has been volatile in recent sessions, with both gold and silver experiencing swings based on global cues, currency movements, and domestic demand patterns. The MCX serves as the primary platform for futures trading in these commodities for Indian market participants.