Silver prices crash, gold loses shine as the Indian market reacts to global volatility

Volatility in the global financial market has once again impacted the Indian bullion markets. Precious metal prices experienced a sharp decline on Tuesday morning, with silver facing the steepest drop shortly after the market opened.

According to data from the Multi-Commodity Exchange (MCX), silver prices dropped sharply in early trade. Initially, silver fell by nearly ₹3,000 per kilogram, but within half an hour, the decline deepened to over ₹5,400. Following the steep fall, silver was trading at ₹2,57,215 per kg.

Gold prices also came under pressure during the session. The yellow metal declined by around ₹900 per 10 grams, and was trading at ₹1,57,200 per 10 grams on the MCX.

The weakness in domestic prices mirrors the trend in global markets. On the Comex, gold was trading lower by 0.32% at $5,063 per ounce, while silver slipped 0.27% to $82.01 per ounce.