Silver prices in India witnessed a sharp fall on Friday, January 31, tracking a steep selloff in global bullion markets. The precious metal came under heavy pressure after an intense correction overseas, leading to a sharp drop in domestic rates as well.
As per the latest available data, silver is priced at Rs 350 per gram, while the silver rate per kilogram stands at Rs 3,50,000. This marks a decline of Rs 45 per gram and Rs 45,000 per kg compared with the previous session, reflecting one of the steepest single-day corrections in recent times.
The sharp fall in silver prices in India mirrors weakness in international markets, where bullion prices corrected aggressively amid heightened volatility. A stronger US dollar and profit booking after an extended rally weighed heavily on silver, which had surged sharply over the past few weeks.
Market participants said silver’s recent rally had pushed prices into extreme overbought territory, making the metal vulnerable to a sudden and sharp correction. The decline has also been amplified by global risk-off sentiment and unwinding of speculative positions across commodities.
Despite the sharp fall, traders expect volatility in silver prices to remain elevated in the near term as markets continue to react to global cues, currency movements, and changing expectations around monetary policy.
Silver prices in India are influenced by a combination of international spot prices, currency movements, import duties, and local demand, and any sharp move in global markets is quickly reflected in domestic rates.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
