Silver rate today LIVE: Silver bulls returned to the commodity markets in Tuesday’s trading session after witnessing a bloodbath in the previous trade amid profit-taking at record high levels, and thin trading volumes during the year-end that led to sharp gyrations in the white metal.
Silver’s slump was its worst one-day fall in five years, according to a Reuters report. Despite this volatility, silver remains higher by 155% on a year-to-date basis.
MCX silver prices traded at ₹236,000 per kilogram, up ₹11,570 or 5.16%. The silver prices hit a high of ₹236,907 and a low of ₹231,100 in today’s session as of 11.40 am. The all-time high for silver stands at ₹254,174 in the domestic futures market.
In the international market, spot silver was up 3.7% at $74.85 per ounce, after hitting an all-time high of $83.62 in the previous session, as per a Reuters report.
Should investors worry about silver price fall?
Jigar Trivedi, Senior Research Analyst at Reliance Securities, said that a steep drop in the previous session was due to traders adjusting positions following aggressive profit-taking.
Monday’s selloff was amplified by the CME’s decision to raise margin requirements on silver futures, forcing leveraged traders to reduce exposure after prices became technically overstretched, he said, adding that the decline reflected position unwinding rather than a shift in underlying demand.
Holiday-thinned liquidity is amplifying recent price swings, believes the expert.
Commenting on silver outlook, Trivedi said that MCX Silver March may appreciate to ₹226,000/kg as the undertone remains bullish in international markets.
Track this space for all the LIVE updates on silver price today.
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