Silver Prices Plunge ₹21,000 in One Hour After Hitting Record High

Silver witnessed extreme volatility today, with prices swinging sharply in just a short span of trading.

Silver Hits Record High Before Sharp Drop
In early trading, silver soared to ₹2,54,174 per kilogram on the MCX for March futures. However, during the afternoon session, prices plummeted by ₹21,000 in just one hour, hitting a low of ₹2,33,120 per kilogram. This decline was not limited to India—global silver markets also experienced similar fluctuations.

Reason Behind the Fall
On Monday, silver prices crossed $82 per ounce in international markets for the first time. But profit-booking and renewed optimism over a potential peace agreement between U.S. President Donald Trump and Ukrainian President Volodymyr Zelensky caused prices to fall below $75 per ounce. Trump had stated on Sunday that the two leaders were “very close” to finalizing a deal to end the war in Ukraine. The news eased investors’ concerns, reducing demand for silver and other safe-haven metals.

Market Movement on MCX
Silver for 5 March delivery had closed at ₹2,39,787 in the previous session and opened today at ₹2,47,194. After hitting the day’s high of ₹2,54,174, prices fell sharply by around ₹21,000 to reach ₹2,32,663, before trading at ₹2,33,900 at 2:47 PM.

This volatility highlights the sensitivity of silver prices to global political developments and investor sentiment, emphasizing the need for caution among traders and investors.