Gold and silver witnessed a sharp decline in international markets today after hitting record highs in the previous session. The sudden drop, driven by profit-booking, erased $1.7 trillion from the combined market capitalization of the two metals in just 90 minutes.
During early trading, silver had surged over 14% at one point, but eventually gave up gains, wiping out $900 billion, while gold lost $800 billion in minutes. On COMEX, silver fell from a record $118 per ounce to $103 per ounce, and gold slipped from $5,100 per ounce to $5,004.10 per ounce. By the end of the session, gold closed 1.16% lower at $5,023.60 per ounce, while silver settled at $108.095 per ounce, down 6.41%.
In India, despite the global slump, both metals continue to see strong buying interest. Gold prices have risen roughly 17% this year, while silver has jumped nearly 50%. Investors, seeking safe-haven assets amid global market volatility, a weak US dollar, and trade policy uncertainties under Donald Trump, have fueled demand. On the MCX, silver gained over ₹20,000, and gold rose more than ₹2,500.
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