Who showed the cleverness that silver crashed, the price fell by Rs 8,800 from its peak in four hours?
On Friday, silver prices crashed from their peak and closed lower. Meanwhile, gold prices also fell from record highs. Experts believe investors booked profits, leading to a decline in the futures market late last night. Let us tell you what the prices of gold and silver have become.
Silver prices have seen a significant rise. Silver prices reached their peak on Friday. However, significant fluctuations were also observed during the trading session.
After reaching their peak, silver prices appeared to fall. Before the market closed, silver prices fell by ₹10,000 from their peak. When the market closed, silver prices were approximately ₹8,800 below their lifetime high.
According to experts, when silver prices crossed the ₹2 lakh mark, or rather, reached their peak, investors cleverly began booking profits on a large scale. This led to a collapse in silver prices within just four hours.
A similar situation was observed with gold. However, gold did not garner the same level of interest as silver. On Friday, gold prices also closed more than ₹1,600 below their peak.
Gold closed higher than Thursday's prices, while silver prices declined compared to Thursday's. Let us also tell you what level gold and silver prices have reached in the country's futures market.
How much has silver become cheaper than its peak?
Silver prices initially peaked on the Multi Commodity Exchange, the country's futures market. Then, after the market closed, prices plummeted. In fact, silver prices fell nearly ₹8,800 below their peak.
According to data, silver prices reached ₹2,01,615 per kilogram around 8 p.m. in the evening. Investors then began profit-booking, and silver prices closed at ₹1,92,851.
This means that silver prices fell by ₹8,764 per kilogram in about four hours. However, before the market closed, silver prices had fallen by ₹11,538 from their peak to ₹1,90,077 per kilogram.
When the market closed on Thursday, silver prices were at ₹1,98,942. This means that silver prices fell by ₹6,091 in a single day.
How much has gold become cheaper since its peak?
On the other hand, like silver, gold prices also fell by more than ₹1,600 from their peak. Gold prices closed higher on Friday compared to Thursday. Multi-commodity data shows that gold prices reached a lifetime high of ₹135,263 during Friday's trading session.
However, investors subsequently began booking profits. However, this profit-taking was not as severe as the one seen with silver. When the market closed, gold prices were at ₹133,622.
This means that gold prices closed at ₹1,641 below their peak. However, gold also fell by nearly ₹3,000 to a low of ₹1,32,275 late last night. On Thursday, gold prices closed at ₹1,32,469. This means that gold closed at a gain of ₹1,153 on Friday.
Record growth has been seen in the current year
However, gold and silver have generated record profits for investors this year. Gold prices were at ₹76,748 on the last trading day of last year in the futures market.
During this period, gold prices have increased by ₹56,874, or 74.10 percent. Silver prices, on the other hand, have also seen a significant increase. Data shows that silver prices have increased by more than 100 percent.
Based on the data, the price of gold was ₹87,233 on the last trading day of last year. Since then, silver prices have risen ₹1,05,618, or 121%.
Experts believe that supply is short, resulting in a decline in production. Economic and geopolitical uncertainty is also significant, and demand is also high. Consequently, both gold and silver prices are expected to rise in the coming days.
Gold Silver