Gold and Silver Prices Crash: Silver Down by 1.57 Lakhs, What's Next for Gold?

• Silver prices plummeted by 1,57,240 rupees, with a 37% decrease in just 48 hours, causing significant investor losses.
• Gold prices also saw a substantial drop, falling from over 1.80 lakh rupees to between 1.55 lakh and 1.62 lakh rupees.
• The crash is attributed to profit booking ahead of the Union Budget, potential import duty changes, and a strengthening dollar.
• Increased margins on global commodity exchanges also led to heavy selling by traders.
• The future direction of gold and silver prices hinges on Finance Minister Nirmala Sitharaman's budget announcements regarding import duties.

Why It Matters: Gold and silver prices crashed significantly due to pre-budget profit booking and global market factors.