Gold, Silver Prices Plummet After Trump's Greenland Announcement

• Gold and silver prices, which recently soared, experienced a significant single-day fall.
• In Hyderabad on January 22, 24-carat gold dropped by Rs. 2,290 per 10 grams, 22-carat by Rs. 2,100, and 18-carat by Rs. 1,720.
• Silver rates also plummeted by Rs. 5,000 per kilogram, mirroring its previous day's surge.
• On the Multi Commodity Exchange, Gold February futures fell by 1.81% and Silver March futures by 3.20%.
• The price drop is attributed to US President Donald Trump's announcement regarding a Greenland deal and backing down on tariffs, reducing safe-haven demand.

Why It Matters: Gold and silver prices saw a sharp decline due to reduced safe-haven demand following US political developments.