Silver prices have witnessed a brutal reversal following the government’s import duty hike, with MCX silver plunging nearly 11% or Rs 32,624 per kilogram from Rs 3.04 lakh in just two trading sessions.
The carnage was a lot severe on Friday when prices plunged 6% or Rs 17,500, wiping out the entire rally triggered by the Centre’s decision to raise gold and silver import duties to 15% in a bid to arrest the rupee’s slide to record lows.
