Gold, Silver Prices Today Live Updates: Gold up 5%, silver rates zoom 10% after 3-day crash; will the rally sustain?
On the Multi Commodity Exchange, silver contracts for March delivery rallied sharply, climbing Rs 29,372 or 12.43 per cent to trade at Rs 2,65,633 per kilogram. During the session, the metal surged as much as Rs 34,137, or 14.4 per cent, touching an intraday peak of Rs 2,70,398 per kilogram, compared with its previous close of Rs 2,36,261 per kg on Monday.
The sharp rebound followed an intense sell off between Friday and Monday, when silver tumbled 41 per cent, shedding Rs 1,63,632 per kg and eroding a significant portion of investor value. The correction came after the metal had scaled a lifetime high of Rs 4,20,048 per kilogram on January 29.
Gold futures also recorded a notable recovery after retreating heavily over the past three trading sessions. The April contract jumped Rs 7,923, or 5.5 per cent, to Rs 1,51,914 per 10 grams on Tuesday. Over the previous three sessions, gold prices had dropped by nearly Rs 40,000, or 22 per cent, from the closing level of Rs 1,83,962 per kg recorded on January 29.
