Silver Price Plunges 5% to Rs 3,91,331 as Dollar Strengthens

• Silver price dropped by nearly 5% on January 30, trading at Rs 3,91,331 per kilogram on MCX.
• The decline mirrors a fall in the international market, primarily due to a strengthening US dollar.
• Silver had surpassed the Rs 4 lakh mark the previous day before experiencing this significant fall.
• On Comex, silver initially sank 9% but recovered slightly to trade at $110.08 an ounce, down 3.8%.
• Augmont Bullion report suggests silver's move above Rs 4,00,000 reflects macro and geopolitical risk premium.

Why It Matters: Silver prices saw a sharp decline due to a stronger dollar and international market trends.