Silver Bounces Back After Sharp Drop; Gold Also Sees Uptick In Volatile Metal Market

New Delhi: Silver prices took a dramatic turn this week. On Monday, the metal plunged, losing a sizable portion of its value in a rare one-day slump. Traders and investors were left surprised as gains from recent weeks vanished in a matter of hours. But on Tuesday, sentiment shifted sharply. Silver rebounded, climbing back upwards by more than Rs 12,000 per kilogram in early trade. 

Did gold follow silver's move?

Gold, which had also fallen alongside silver on Monday, recovered ground on Tuesday. After slipping sharply in the previous session, gold prices rose during early trading. The recovery was noticeable both in futures markets and national exchanges, though domestic retail rates showed some mixed movement.

Gold prices today: What are the latest rates?

• In Delhi, the current price of 24-carat gold is Rs 1,36,350 per 10 grams and 22-carat gold is Rs 1,25,000 per 10 grams.
• In Mumbai, the current price of 24-carat gold is Rs 1,36,200 per 10 grams and 22-carat gold is Rs 1,24,850 per 10 grams.
• In Kolkata, the current price of 24-carat gold is Rs 1,36,200 per 10 grams and 22-carat gold is Rs 1,24,850 per 10 grams.
• In Chennai, the current price of 24-carat gold is Rs 1,37,460 per 10 grams and 22-carat gold is Rs 1,26,000 per 10 grams.

Silver prices today: What are the latest rates?

Silver also maintained strong levels at just over Rs 2,40,000 per kg in India. On Monday, the metal shed about Rs 21,000 per kg in barely an hour of afternoon trade. 

• Price of silver in Delhi is Rs 2400 per 10 grams.
• Price of silver in Mumbai is Rs 2400 per 10 grams.
• Price of silver in Kolkata is Rs 2400 per 10 grams.
• Price of silver in Chennai is Rs 2580 per 10 grams.

Why are prices swinging so wildly?

The recent volatility comes after weeks of strong momentum in precious metals. Silver had hit record levels in the futures market, topping Rs 2.5 lakh per kilogram before the sudden drop. Profit-booking by investors and short-term trading pressures likely contributed to the sharp Monday crash, analysts say. 

Globally, similar patterns have emerged. Major trading hubs saw silver futures slide sharply after traders took profits following a prolonged rally. This kind of whipsaw is not uncommon in metals markets where sentiment shifts quickly. 

What should buyers and investors keep in mind?

Precious metal prices can swing sharply within days, driven by global demand, currency moves, and trading behaviour. While a rebound on Tuesday eased some pressure, traders and buyers are watching closely to see whether the rally resumes or turns again in the days ahead.