- Silver prices on MCX fell about 10% amid a global metals sell-off
- Silver MCX price is down 36% from record highs
- Fall follows Trump's announcement of Kevin Warsh as Fed Chair successor
Continuing on the sharp drawdown over the last two days, Silver prices fell again Sunday morning, falling up to 10% on the MCX as the global sell-off in the metals market continues.
The Silver MCX is currently trading at around Rs 2.65 lakh, accounting for a 9% fall from the last closing price. The Silver MCX prices are down 36% from record highs, a drawdown that is part of a larger correction in precious metals.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
The fall in the silver price comes on the back of Donald Trump's announcement of Kevin Warsh becoming the successor to Jerome Powell as the US Federal Reserve Chairman.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
Warsh is seen as a conservative who is expected to hold a more hawkish stance. This means Warsh could bring forth a lot of rate cuts that Trump has been yearning for, which in turn could support the dollar and put downward pressure on metals.
The massive drawdown in gold and silver was also driven by heavy speculative trading and profit-booking, following an unprecedented rally in precious metals that led investors resort to safe-haven assets, especially amid increased volatility in equity markets.
"A long profit-taking after an insane rally. When assets run far ahead of fundamentals, corrections are normal. A stronger dollar and stretched prices are making investors book profits," said Aakanksha Gupta, a SEBI Registered Research Analyst
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
