Silver Prices Drop by Rs 4,000 on MCX: Is it a Buying Opportunity?

• Silver prices on MCX fell by approximately Rs 4,000 per kilogram (2%) on Friday, January 16, due to selling pressure and weak global cues.
• The decline followed silver hitting a new record high of Rs 2,92,960 per kilogram on Thursday.
• In the international market, spot silver dropped 0.8% to $91.6861 per ounce after reaching a record high of $93.57.
• The strengthening US dollar, reaching a six-week high after weaker-than-expected unemployment data, contributed to the fall.
• Experts suggest aggressive buying on dips, with potential for further upside if prices sustain above Rs 2,90,000.

Why It Matters: Silver prices dropped significantly on MCX due to global factors, presenting a potential buying opportunity for investors.