Silver Prices Plunge Nearly 10% in 24 Hours, Ending 2-Day Rebound

• Silver prices fell by nearly 10% in the last 24 hours, ending a two-day rebound due to renewed selling pressure and volatility in precious-metal markets.
• The Indian Bullion and Jewellers Association (IBJA) pegged silver at Rs 2,52,232 per kg on February 5, a 9.64% decline from its previous close.
• On MCX, silver futures recovered to Rs 2,53,795 after an earlier plunge, but were still down 5.6% and trading in the red zone.
• International spot silver prices declined by 5.86% to $79.45 per ounce, falling almost $10 from the day's high.
• The decline is attributed to record daily outflows from China's gold ETFs and ongoing geopolitical developments involving Iran, the US, China, and Russia.