Silver prices in Coimbatore remained under sharp pressure on Friday, January 31, tracking the steep correction seen across global and domestic bullion markets. The precious metal witnessed heightened volatility as heavy selling followed an extraordinary rally over the past few months.
As per the latest available data, the silver rate in Coimbatore today stands at Rs 3,500 per 10 grams, Rs 35,000 per 100 grams, and Rs 3,50,000 per kilogram. These levels reflect the sharp single-day decline recorded during the latest trading session, in line with prices across major Indian cities.
The weakness in Coimbatore silver prices followed a steep fall in futures trading. On the domestic futures market, silver March 5 contracts slumped to Rs 2,91,922 per kg, down Rs 1,07,971 or nearly 27% in a single session. At the same time, gold February 5 futures settled sharply lower at Rs 1,49,075 per 10 grams, declining by Rs 20,328 or about 12%.
International markets also witnessed heavy selling pressure. COMEX gold fell by $591 to close at $4,763 per ounce, while COMEX silver dropped by nearly $36, slipping below the $79 per ounce mark. The sharp correction in global prices quickly spilled over into domestic bullion rates, impacting markets such as Coimbatore.
Market participants attributed the fall to a violent correction after an extraordinary rally, as gold and silver prices had surged aggressively in recent months, pushing technical indicators deep into overbought territory. The sudden reversal triggered widespread profit booking and forced unwinding of speculative positions, resulting in elevated volatility.
Silver prices in Coimbatore continue to be influenced by global spot prices, currency movements, import duties, and local demand, with traders expecting volatility to remain high in the near term.
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