Silver Prices Plunge 5% Today Amid Volatile Week
The white metal is losing momentum after five consecutive weeks of gains.
Silver prices dipped 5% to trade around $72 per ounce in trade today. Domestically, the prices were around Rs 239,588, as per MCX.
Amid a volatile week, global silver prices are trading 14% lower from its record high of $83.75 per ounce. The white metal is losing momentum after five consecutive weeks of gains.
Bloomberg reported that silver had rebounded sharply on Tuesday after suffering its steepest single-day decline in over five years on Monday, with persistent supply constraints keeping it on course for an impressive 35% monthly surge.
On Tuesday, the metal climbed past $78 per ounce, recovering from a 9% drop in the previous session, while gold posted modest gains following its largest two-month decline.
A report from Motilal Oswal suggests this is not random volatility from the metal, but the culmination of years of supply deficits.
