Silver rate today Live: After a strong rebound on Tuesday, silver prices are under sell-off heat across bourses on Wednesday. COMEX silver price tanked over 9% when it touched an intraday low of $70.315 per ounce. Likewise, the MCX silver rate today crashed over ₹19,000 per kg, reaching an intraday low of ₹2,32,228 per kg during the Opening Bell.
According to market experts, the outlook for silver rates today remains strong, as the rally in the white metal is structural, not due to trade. However, they failed to mention when the white metal would reach its bottom. Experts believe that silver prices will continue to trade volatile this week as the US and some other major global markets will remain closed due to the stock market holiday for New Year celebrations. They said that a clear picture would emerge when the entire market becomes fully functional next Monday.
Silver’s Monday slump was its worst one-day fall in five years, according to a Reuters report. Despite this volatility, silver remains 155% higher on a year-to-date basis.
MCX silver prices witnessed strong value buying on Tuesday and gained around ₹27,000, marking the largest intraday gain for the precious white metal. The precious bullion pared most of its losses made on Monday and finished around ₹3,000 away from the record high. The all-time high for silver stands at ₹254,174 in the domestic futures market.
Silver rate today: Has the rally in white metal vanished?
“The white metal rally has not vanished; it has migrated from paper traders who rarely take delivery to industrial users who must secure supply to keep production lines running, to long-term investors and private vaults across Asia, London, and Singapore, away from exchange warehouses and outside the banking system,” said Sugandha Sachdeva, Founder of SS WealthStreet.
