Silver Prices Plunge After Record Highs: What's Next for Investors?

• Silver prices surged over 30% to record highs recently but experienced a sharp single-day fall due to global developments and profit booking.
• Global silver prices dropped by $36 per ounce to $78, while gold fell by $594 to $4,732 on Friday.
• In Hyderabad, 1 kg silver plummeted by Rs 1 lakh to Rs 2,99,000; 10 grams of 24-carat gold fell by Rs 21,860 to Rs 1,57,840.
• MCX March silver contract saw a steep 27% one-day loss, settling at Rs 2,91,922 per kilogram.
• Citi Brokerage forecasts silver could reach $150 per ounce in three months, citing industrial demand, affordability compared to gold, and supply constraints.

Why It Matters: After a sharp fall from record highs, silver's future remains uncertain, though long-term prospects appear strong.