Silver and Gold Prices Plummet Amid Global Economic Shifts

Silver and gold prices have seen significant declines over the past three days due to a strong US dollar and global economic uncertainties. Silver dropped by 36% since January 29, while gold decreased by 17%. Market experts attribute the drop to profit booking and international monetary policies.

In a striking shift, silver and gold prices plummeted for the third consecutive day, with silver tumbling to Rs 2.60 lakh per kg in the national capital on Monday. The steep decline in precious metals is attributed to weak global market trends and a robust US dollar.

Silver nosedived by Rs 52,000 or nearly 17%, reaching Rs 2,60,000 per kilogram. This follows Saturday's decline and marks a cumulative fall of Rs 1,44,500 or 36% from its peak on January 29. Gold also faced a sell-off, dropping by Rs 12,800 or 7.73% to Rs 1,52,700 per 10 grams on Monday.

Experts credit the drop to a series of economic events, including US tariff negotiations and Middle East developments. Analysts highlight the absence of changes in gold and silver import duties in the Union Budget as a factor limiting local market influences.

(With inputs from agencies.)