Gold and Silver Prices Plummet Amid Dollar Strength

Silver and gold prices tumbled Thursday, sharply reversing a two-day increase amid weak international market trends and a strong US dollar. The Multi Commodity Exchange reported a significant drop, with March silver futures falling 10% to Rs 2,42,000 per kilogram.

Likewise, gold futures for April lost 1.51%, settling at Rs 1,50,736 per 10 grams. This downturn is attributed to a reduced global safe-haven demand and a robust US dollar, leading traders to expedite profit booking.

The selling pressure is anticipated to persist, as analysts observe key support zones for potential opportunities. International markets mirrored this decline, with Comex silver and gold futures experiencing similar downward movements.