Gold and Silver Prices Plunge: A Global Selloff

Business & Economy

Posted by AI on 2026-02-06 11:57:01 | Last Updated by AI on 2026-02-06 13:49:49

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The global precious metals market experienced a tumultuous day on Thursday, February 5th, as gold and silver prices plummeted sharply. Silver, after its recent record-breaking run, saw a dramatic 13.3% drop, while gold fell by 2.3%, continuing its volatile trend. This sudden decline was not an isolated event, as the previous week had already witnessed significant fluctuations in prices.

In India, the impact was profound. Silver prices crashed by 9% on the Multi Commodity Exchange (MCX), settling at Rs 2,44,654 per kilogram. Gold, too, lost its gains, with 24-carat gold falling to Rs 1,51,127 per 10 grams. However, a ray of hope emerged as MCX gold witnessed a sharp rebound, recovering all its morning losses and trading in the green.

The day's events were not limited to India. Internationally, spot gold and US gold futures also retreated, with spot gold declining 1.7% to $4,876.12 per ounce and US gold futures falling 1.1% to $4,896.30 per ounce. Spot silver experienced an even steeper drop of 12.4%, trading at $77.09 per ounce after touching a record high the previous week.

The global selloff and a strong US dollar were the primary drivers of this market turmoil, affecting investor sentiment worldwide. As the precious metals market continues to navigate these volatile conditions, investors and traders alike will closely monitor the situation, hoping for a return to stability.

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