After a two-day relief rally, both silver and gold prices came under renewed selling pressure during Thursday’s session on 9 February, wiping out the recent recovery. Prices were pressured by a firm US dollar, a lack of fresh triggers, and easing geopolitical tensions, which kept safe-haven metals out of investors’ radar.
Following a flat close in the previous session, April futures contracts on Comex dropped $145 per ounce to the day’s low of $4,805, remaining below the $5,000 mark for the fifth straight session. From the record high of $5,626, prices have corrected by nearly 14.6% over six trading sessions, including today.
Precious metals have been witnessing wild swings over the past few sessions, with gold and silver posting their steepest losses in decades last Friday after extending last year’s record-breaking rally into January.
Comex silver prices crash 13%
Silver prices, which have a dual role as both a precious and an industrial metal, dropped even deeper by 13%, or $11 per ounce, to the day’s low of $73.41, wiping out a two-day recovery as the white metal struggled to find a floor following a historic market rout.
After a record-breaking rally that appeared to have run too far, too fast, the metal has retreated by more than a third from its all-time high of $121.78 hit on 29 January. The sudden and sharp decline in precious metals has also weighed on sentiment in base metals markets.
Silver had been on a record-breaking spree before crashing. In 2025, it gained about 146%, with analysts pointing to speculative flows, leveraged positioning, and options-driven trading—rather than physical demand—as key drivers of the recent price swings.
However, the rally came to a halt and turned into sharp volatility following the nomination of Kevin Warsh as the next Fed chair by US President Donald Trump. Seen as more hawkish than other contenders, the nomination led markets to price in a slower pace of potential rate cuts.
Further easing of geopolitical tensions has also removed risk premiums, causing once-dominant metals to see sharp declines. Yet both silver and gold continue to trade at elevated levels, following the accumulation of large gains in recent months.
MCX gold drops ₹4,590 per 10 g; silver slips back below ₹2.40 lakh
In the domestic market, the February futures contract of gold on MCX slipped back below ₹1.50 lakh as prices extended losses for a second straight day, falling another ₹4,590 per 10 grams to ₹1,48,455. The recent crash has pushed prices to trade nearly 19% below the peak of ₹1,54,200.
Meanwhile, the March silver futures contract opened with a gap-down at ₹2,58,096 per kilogram. Selling pressure intensified as the session progressed, ₹29,850 to hit the day’s low of ₹2,39,000″>dragging prices down by ₹29,850 to hit the day’s low of ₹2,39,000. The contract had ended Wednesday’s session at ₹2,68,850.
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