Silver prices plunge sharply, down Rs 2,600 on Karva Chauth

Silver prices extended their recent sharp downward trajectory on Thursday, with rates falling by Rs 2,600 per kilogram on the day of Karva Chauth, when many Indian households traditionally purchase jewellery and precious metals.

The decline has intensified an already pronounced bearish phase for silver, with prices now trading substantially below their all-time peaks. The precious metal has retreated more than Rs 2.27 lakh per kilogram from its lifetime highs, reflecting persistent selling pressure in the market.

The weakness in silver comes as part of a broader softening in precious metal prices. The consistent depreciation has made silver more affordable for buyers, though investors remain cautious about near-term price recovery.

Market analysts attribute the decline to various macroeconomic factors influencing global commodity trends. The timing of the sell-off during Karva Chauth—a significant occasion for jewellery purchases in India—may present opportunities for buyers seeking to lock in lower prices for their festive purchases.

Traders are closely monitoring whether the downward pressure on silver will persist or whether support levels might emerge in coming sessions. The precious metals market remains volatile as global economic conditions continue to evolve.