Silver prices in Mumbai remained under heavy pressure on Friday, January 31, tracking the sharp correction witnessed across global and domestic bullion markets. The precious metal saw one of its most volatile sessions in decades as intense selling followed an extraordinary rally in recent months.
As per the latest available data, the silver rate in Mumbai 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 seen after the recent selloff in international and domestic markets.
The weakness in Mumbai silver prices follows 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 saw 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 global rout in precious metals quickly spilled over into domestic prices, impacting bullion rates in major cities including Mumbai.
Market participants attributed the sharp 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, leading to heightened volatility.
Silver prices in Mumbai are influenced by global spot prices, currency movements, import duties, and local demand, and traders expect volatility to remain elevated in the near term.
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