Huge fall in silver prices: Silver became cheaper by ₹ 1.90 lakh in 7 days, know what will happen next
Silver Price Crash Today: Seven more days, price halved... Yes. In the last 7 days, silver prices have halved from the high level (Silver Price Crash). According to Multi Commodity Exchange i.e. MCX, on January 29, silver had touched the historical figure of Rs 4,20,000.
But the very next day there was a terrible fall in the prices of silver and the decline was seen for three consecutive days. However, there was a rise in silver in two days of the trading session, but from February 5 onwards silver started falling again, which is continuing till February 6 i.e. even today.
On MCX, by 2 pm on Friday, February 6, silver reached a 7-day trading session low and the price reached a low of Rs 2,29,187 (silver price today). That means, from the high level, silver became cheaper by Rs 1,90,000.
However, till the time of writing the news, silver was trading at Rs 2,36,500 (silver rate today) with a fall of 3 percent i.e. Rs 7315. During this period, the day's high level of silver was Rs 2,43,277. While during the last trading session silver
What are the latest silver rates on IBJA rates?
According to the rate of India Bullion and Jewelers Association i.e. IBJA at 12 noon today, silver became Rs 2,41,184 (silver rate ibja) per kg. Last day its price was Rs 2,52,232. That means there was a huge fall of Rs 11,048.
And if we talk about the IBJA rate of January 29, when silver had touched an all-time high of Rs 3,79,988, then according to today's rate it has fallen to about Rs 1,38,800.
Also read- Buying gold and silver has become expensive: MCX has increased the margin so much, how will it affect the traders' pockets? complete details
Silver may fall further by February 25?
Ajay Kedia, Director of Kedia Advisory, believes that the decline of silver is not over yet. He says that the biggest reason for this is the Lunar New Year celebration in China, which will start from February 17 and continue till February 25.
During Lunar New Year, markets and factories in China remain closed, due to which the demand for commodities falls significantly. Decrease in demand for silver may increase the pressure on prices further, and they are estimating that silver may even fall below Rs 2 lakh.
Silver has become cheaper than ever before, and investors, jewelers and people in the wholesale market seem to be very cautious. If the decline continues, it may affect both trading and jewelery purchasing.
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