A sharp decline was witnessed in the prices of gold and silver on the Multi-Commodity Exchange and the bullion market. The prediction of a "bubble burst" made by market experts has come true. Friday was a day of historic decline for precious metals. While silver prices fell by more than ₹1 lakh in a single day, gold also became cheaper by ₹33,000 per 10 grams in one fell swoop.
Silver Bubble Bursts: Prices plummet by up to ₹1.28 lakh
According to market data, this upheaval in silver prices is historic.
Decline in one day: The silver futures price for the March 5 expiry closed at ₹3,99,893 on Thursday, which crashed to ₹2,91,922 per kg on Friday. This means that silver became cheaper by ₹1,07,971 in a single day.
Devastation from high levels: On Thursday, silver touched a historic high of ₹4,20,048. Compared to that high level, silver has fallen by ₹1,28,126 in just 24 hours.
Gold also plummets: A dive of ₹33,000
Not only silver, but the shine of gold has also completely disappeared. Heavy selling was seen in 24-karat gold.
Intra-day crash: Gold for April 2 expiry was at ₹1,83,962 on Thursday, which fell to ₹1,50,849 per 10 grams on Friday. Thus, gold witnessed a massive decline of ₹33,113 in a single trading day.
Decline from record high: If we look at the lifetime high of Thursday (₹1,93,096), gold has become cheaper by ₹42,247 per 10 grams from its peak level.
Why did such an upheaval occur in the market? According to market analysts, several major factors are behind this historic decline:
1. Profit-taking: When prices reached their all-time highs, investors began taking profits on a large scale, creating selling pressure on the market.
2. Stronger Dollar: The surge in the US dollar and US Treasury yields has dulled the appeal of gold and silver. A stronger dollar makes commodities more expensive for countries with other currencies, leading to decreased demand.
3. Fed and Trump Factor: Statements from Donald Trump in the US have signaled a reduction in global tensions. Furthermore, news of Kevin Warsh potentially replacing Jerome Powell at the US Federal Reserve has also shifted market sentiment, causing investors to lose interest in gold, which is considered a safe-haven asset.
This crash on January 31, 2026, demonstrates how devastating a correction can be after a period of excessive market exuberance. Experts say that further volatility can be expected in ETFs and the futures market.
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