Silver Price Crashes by Rs 4000 in Just 12 Hours on MCX

The price of silver has plummeted on the Multi Commodity Exchange (MCX), dropping by ₹3,100 in just 12 hours to reach ₹2,18,100 per kilogram. This decline represents a significant drop of 1.53% and marks the latest volatility in the silver market.

According to data from the Indian Bullion and Jewellers Association (IBJA), the price of silver was ₹2,24,447 per kilogram on Monday evening, indicating that it has become cheaper by ₹4,235 so far.

The MCX saw a significant drop in silver futures during early trading, settling at ₹2,17,800 per kilogram. The IBJA reports similar price drops across various cities in India, including Bengaluru and Kanpur, where the price of silver dropped by ₹5,000 to reach ₹2,35,000 per kilogram.