On January 29, silver touched an all-time high on the country’s futures market, Multi Commodity Exchange (MCX). In the afternoon, silver prices touched a record high of Rs 4.20 lakh. But no one knew that in just 70 to 80 hours, silver prices would fall drastically. Yes, in less than 4 days, silver prices have fallen by 46 percent.
This decline has even surpassed the record low of 1980, when silver prices fell dramatically in the international market. At that time, silver prices had fallen 70 percent from their highest level in 5 months. Here, they have fallen more than 46 percent in just a few days. Such a decline was not seen even in 1980.
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Now the biggest question is how much further will silver prices fall? Will we see a 70 percent drop in silver prices like in the 1980s? If this happens, silver prices may fall to Rs 1.25 lakh. But it seems quite difficult. Experts believe that silver prices may fall below Rs 2 lakh. There are many reasons for this. The biggest reason is the increase in the gold-silver ratio. Another reason is the Federal Reserve’s decision not to cut interest rates.
The Federal Reserve meeting has indicated that common people may have to wait a long time for interest rate cuts. The increase in dollar index is also a big reason. Reduction of geo-economic tensions is also an important factor. Let us tell you at what level silver prices can be seen in the next few days…
Silver fell 46 percent from its highest level
On Monday, silver prices on the country’s futures market, the Multi Commodity Exchange, fell more than 46 per cent from their highest levels. According to the data, on January 29, silver prices had crossed the level of Rs 4.20 lakh per kg. Since then, silver prices have been falling continuously. On Monday, during the trading session, the price of silver touched a low of Rs 2,25,805. This means that silver prices have fallen by more than 46 percent in less than 4 days. Such a sharp decline in silver prices has not been seen since 1980. Some experts are even saying that such a sharp decline was not seen even in 1980.
Silver prices fell by around ₹2 lakh in 70 to 80 hours
If we look at this fall in rupee terms, silver prices have fallen by about ₹2 lakh in the last 70 to 80 hours. Silver prices were at a peak of ₹4.20 lakh, which fell to the level of ₹2.25 lakh. This means that silver prices have fallen by ₹1.94 lakh. That is, since reaching its peak, silver prices have fallen by ₹2,400 every hour. This is surprising not only silver investors but all types of investors around the world. Experts believe that silver prices may fall further in the coming days.
What is the current status of silver?
At 1:45 pm, silver prices are showing a decline. According to the data, silver prices fell by ₹32,342 and are trading at ₹2,35,339. Silver prices opened at ₹2,67,501 in the morning. Whereas during special trading on Sunday, silver prices closed at ₹ 2,65,652. Experts say that silver prices will continue to fall. Prices may go below Rs 2 lakh.
Will silver go below Rs 2 lakh?
If silver prices fall by Rs 25,000 on Tuesday, prices may go below Rs 2 lakh. According to experts, this fall in silver prices seems to be breaking the record of the last 50 years. In 1980, silver prices fell 70 percent from their peak in 5 months. Now, prices have fallen more than 46 percent in 4 days. Silver prices may fall by 50 percent on the trading day, which is considered to be the biggest fall so far.
Why are silver prices falling?
Kedia Advisory Director Ajay Kedia told TV9 Hindi Digital that the main reason for the fall in silver prices is the gold-silver ratio. At present, the gold-silver ratio has crossed the level of 61. In the last few days the gold-silver ratio has increased by more than 42 percent. He said that the gold-silver ratio can reach the level of 70. If this happens in a few days, silver prices in the country’s futures market may fall below Rs 2 lakh. He also said that the Fed is not considering a rate cut this year. Even if there is a rate cut, it can be seen in the meeting of June or July. After that the general public may have to wait for a long time.