World · India Bureau
Silver prices plunge over Rs 2 lakh from peak ahead of festival season
Silver has entered a sharp downtrend in the run-up to Diwali and Dhanteras, with prices on MCX falling substantially from recent highs. Gold, meanwhile, continues to trade sluggish as festive demand remains subdued.
LSN India ·
Silver prices have declined sharply in recent trading, with rates on the Multi Commodity Exchange (MCX) now trading over Rs 2.42 lakh per kilogram below their previous peak levels. The decline marks a significant retreat from the precious metal's recent highs as the festival season approaches.
The downward pressure on silver comes even as gold continues its tentative performance in the run-up to major festivals including Dhanteras and Diwali, traditionally considered auspicious occasions for purchasing precious metals. Analysts attribute the weakness to a combination of global market pressures and subdued domestic demand.
Investors have been closely monitoring silver prices, anticipating potential buying opportunities as festival-related purchasing season approaches. The sharp decline from peak levels has prompted renewed interest among buyers considering acquisitions for personal use or investment purposes during the festive period.
The movement in precious metal prices reflects broader market dynamics as investors await key economic indicators and assess global monetary policy developments. Market participants are watching for potential reversals in trend as the festival season intensifies buying interest.