Silver Prices Plunge Rs 4,000/kg on MCX as US Dollar Strengthens

• Silver rates on MCX fell nearly 2 percent, or Rs 4,000 per kg, on Friday, January 16, due to selling pressure and weak global cues.
• MCX silver opened at Rs 2,87,127 per kg and touched an intraday low of Rs 2,85,513 per kg, after hitting a record high of Rs 2,92,960 per kg on Thursday.
• Internationally, spot silver declined 0.8 percent to $91.6861 per ounce, following a sharp rise in the US dollar to a six-week high.
• Anuj Gupta attributes the fall to the US dollar's strength from strong unemployment data and reduced safe-haven demand due to easing US-Iran tensions.
• Experts like Jigar Trivedi, Rahul Kalantri, and Ponmudi R provide varied outlooks, with potential for further dips or a breakout above Rs 2,92,000.

Why It Matters: Silver prices dropped significantly on MCX and globally due to a stronger US dollar and easing geopolitical tensions.