Silver Price Today / Silver prices fell sharply in 24 hours, is dollar the biggest reason?

In Delhi, silver fell by Rs 3,000 to Rs 1,12,000 per kg on Tuesday, while it was at Rs 1,15,000 on Monday. A total decline of Rs 9,500 was seen in two days. Gold also fell by Rs 200 to Rs 99,370 per 10 grams.

Silver Price Today: Silver prices in the country's capital Delhi fell sharply on Tuesday after reaching a record level in the last 24 hours. On Saturday and Monday, silver saw a total jump of Rs 9,500 per kg, but on Tuesday it fell by Rs 3,000. According to the All India Sarafa Association, the price of silver is now Rs 1,12,000 per kg (including all taxes), which was at a record level of Rs 1,15,000 on Monday.

Gold prices also fell

Gold prices also saw a decline on Tuesday. According to the All India Sarafa Association, gold of 99.9 percent purity fell by Rs 200 to Rs 99,370 per 10 grams, which was Rs 99,570 per 10 grams on Monday. At the same time, gold of 99.5 percent purity also fell by Rs 200 to Rs 98,800 per 10 grams (including all taxes), which was earlier Rs 99,000 per 10 grams.

What are the reasons behind the decline?

Mehta Equities Vice President-Commodity, Rahul Kalantri said that gold and silver prices witnessed huge fluctuations during the day. Prices initially rose, but came down from their highest level due to the jump in the US dollar index. According to Kalantri, investors opted for profit booking ahead of important US inflation data, leading to a decline in prices.

Spot gold prices in international markets rose 0.62% to $3,364.14 an ounce. Chintan Mehta, CEO, Abans Financial Services, said that gold is trading in a limited range despite geopolitical and trade tensions. He said that after US President Donald Trump announced 30% duty on imports from Mexico and the European Union, there was a slight increase in demand for safe investment, but the expectations of talks limited this rise.

What in the coming days?

Experts believe that silver prices may see more fluctuations in the coming days. Increase in dollar index and global economic uncertainties are affecting the prices of gold and silver. Investors are advised to keep an eye on market trends and global economic data.