Silver rate today rebounded after a brutal phase of liquidation that followed the abrupt unwinding of a record-breaking rally. The selloff had dragged prices down more than 46% from the peak in just three sessions, underscoring the extreme volatility gripping the precious metals market. Gold prices also recovered today.
MCX Silver price hit 6% upper circuit of ₹2,50,436 per kg on Tuesday, February 3. Meanwhile, MCX Gold prices were also up 3% at ₹1,48,310 per 10 gram.
A major macro trigger arrived after US President Donald Trump announced a trade agreement with India. The deal cuts US tariffs on Indian goods to 18% from 50%, in exchange for India halting purchases of Russian oil and lowering certain trade barriers. The announcement added a fresh geopolitical dimension to commodity markets already on edge.
