Silver prices declined sharply in Tuesday’s session, tracking global volatility and profit booking after an exceptionally strong rally over the past two sessions. On the Multi Commodity Exchange (MCX), silver futures slipped over 2% during early trade, extending losses seen after prices failed to sustain higher levels.
On MCX, silver futures opened the session at Rs 2,60,301 per kilogram but came under pressure soon after. As of 9:38 am IST, prices were trading at Rs 2,58,964 per kilogram, down 1.39% from the previous close. The metal had already corrected sharply last week, slipping toward the Rs 2.30 lakh per kg level amid rising volatility and global cues.
The weakness in domestic prices mirrors movements in global markets. Internationally, silver had surged more than 10% in the previous session and rose over 2% toward the $80 per ounce mark on Monday, following a historic selloff that had erased nearly half of its value. However, prices struggled to hold gains after climbing near $84 per ounce in early Asian trade on February 10, before easing to around $82 per ounce, down about 0.30% from the previous close.
Market sentiment has remained cautious as investors assess multiple global developments. Traders are closely watching upcoming US jobs and inflation data for cues on the Federal Reserve’s policy outlook. At the same time, comments from US Treasury Secretary Scott Bessent, who attributed last week’s extreme swings in precious metals to speculative activity by Chinese traders, have added to near-term uncertainty.
In the domestic spot market, the Indian Bullion and Jewellers Association pegged the price of silver at Rs 2,53,665 per kilogram during its 18:30 session on February 10, indicating continued softness.
Overall, the decline in MCX silver prices today reflects profit booking after a sharp rally, ongoing global volatility, and cautious positioning ahead of key macroeconomic data.
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