New Delhi: Precious metals faced renewed selling pressure on Tuesday, with silver and gold prices dropping sharply right at the opening of futures trading on the Multi Commodity Exchange (MCX).
Silver witnessed an immediate decline of more than ₹4,400 per kg at the start of the session. This latest fall adds to a significant correction that has seen the white metal lose over ₹27,000 per kg in just 13 days. Following the government’s announcement increasing import duties on precious metals, silver had surged past the ₹3 lakh per kg mark on May 13. However, it has since retreated steadily, closing the previous session at ₹2,76,716 per kg for the July 3 expiry contract before opening lower at around ₹2,72,265 per kg on Tuesday.
From its record lifetime high of ₹4,57,328 per kg reached in January, silver is now trading approximately ₹1,85,063 cheaper per kg, reflecting a substantial erosion of value in recent weeks.
The broader decline began after an initial spike triggered by higher import duties. Apart from a couple of sessions, the price trend for silver has been downward, resulting in the sharp 13-day correction.
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Gold prices also moved in tandem with silver, registering a notable decline on the MCX. The yellow metal, which often tracks movements in silver during such volatility, came under pressure as investors adjusted positions amid the broader sell-off in precious metals.
Market participants continue to monitor global cues and domestic policy impacts on these commodities. The sharp volatility in silver, in particular, highlights the sensitivity of these assets to government policy changes on imports and duties.
This ongoing correction in silver and gold prices comes as a significant shift from the bullish momentum seen earlier in the year. Traders and investors are closely watching for any signs of stabilization or further downside in the coming sessions.