Between 8.30 pm to 9.00 pm IST, silver prices were very volatile in the MCX market. In a short period of just 30 minutes, the price of silver recorded a historic fall. Silver was earlier trading at an all-time high of Rs 4,26,992, but prices fell sharply to Rs 3,55,001 after sudden heavy selling. That is, in just half an hour, there was a huge decrease of about 65 thousand rupees, due to which investors were worried.
Even after this heavy fall, silver showed a quick recovery. After touching a low of 3,55,001, silver surged by around Rs 43 thousand in just 10 minutes, indicating renewed buying pressure in the market. By the time this news was written, silver prices had again touched Rs 4 lakh, while silver was seen trading around Rs 3,70,000 for some time.
The exact cause of such a sudden drop in silver is not yet clear. However, market experts are expressing the possibility that this movement has happened due to technical level breaking, high volatility and short term profit booking.
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