After a strong rally over the last few trading sessions, gold and silver prices saw a sudden and sharp fall on Wednesday, surprising investors and traders.
Both precious metals dropped sharply within minutes of opening on the MCX.
Silver Price Crashes After Hitting Record High
Silver futures for March 5 expiry opened higher on Wednesday at ₹2,58,811 per kg and quickly touched a new high of ₹2,59,692 per kg.
However, the rise did not last long.
Soon after hitting the peak, silver prices crashed sharply, falling by more than ₹5,600 per kg in a short span.
This sudden drop came after silver had surged nearly ₹20,000 per kg in just the last two trading sessions.
Silver had shown strong momentum at the start of 2026, continuing its impressive rally from 2025.
But Wednesday’s fall appears to have halted that upward trend, at least for now.
Gold Prices Also See a Sharp Decline
Gold prices also moved in line with silver.
On Tuesday, 24-carat gold futures (February 5 expiry) had jumped to ₹1,39,083 per 10 grams.
Early on Wednesday, gold touched ₹1,39,140 per 10 grams.
However, as silver prices collapsed, gold too slipped sharply.
Prices fell to ₹1,38,027 per 10 grams, marking a drop of ₹1,113 in a single session.
Gold Still Cheaper Than Lifetime High
Despite the recent fall, gold remains below its all-time high.
The lifetime peak for gold stands at ₹1,40,140 per 10 grams.
Even after recent gains and losses, gold futures are still trading ₹2,438 per 10 grams lower than this record level, indicating some room before it revisits its historic high.
The sudden correction in both gold and silver highlights the high volatility in precious metal prices, reminding investors to stay cautious amid sharp market movements.
