Gold, Silver Prices Crash: Rs. 85,000 Drop in Silver, Rs. 25,500 in Gold in 24 Hours

• Silver prices plummeted by approximately Rs. 85,000 in just 24 hours, reaching Rs. 3,35,001 per kg on MCX from a high of Rs. 4,20,048.
• Gold prices also saw a significant decline, dropping by about Rs. 25,500 in 24 hours to Rs. 1,67,406 from Rs. 1,93,096.
• The sudden crash is attributed primarily to profit booking by investors after both metals reached record highs.
• Increased activity from short sellers and a decline in international metal prices also contributed to the market pressure.
• Gold and Silver ETFs recorded substantial losses, with ICICI Silver ETF falling by 20.14% and Tata Gold ETF by 9.16%.

Why It Matters: Gold and silver prices experienced a massive, sudden drop due to profit booking and market dynamics.