Gold, Silver Plunge 9% Ahead of Budget Day; Investors Fear Big Losses

• Gold and silver prices experienced a significant 9% drop on February 1, just before the Union Budget presentation.
• Gold futures (February delivery) traded 9% lower at ₹1,36,185 per 10 grams, while silver futures (March delivery) fell 9% to ₹2,65,652 per kilogram.
• The commodity market remained open on February 1 due to the scheduled Union Budget at 11 AM.
• Experts attribute the fall to profit booking after record highs on January 29 and a strengthening US dollar due to anticipated stricter monetary policy under the new Federal Reserve Chairman.
• Investors are advised not to panic sell, despite the atmosphere of fear created by the sharp decline.

Why It Matters: Gold and silver prices plummeted 9% on Budget Day due to profit booking and a stronger US dollar.