Since touching an all-time high of $121 per ounce in the last week of January this year, international silver prices have witnessed a sharp and rapid correction, plunging to below $64 per ounce by last week—a decline of nearly 50% within just five months. A similar trend has been reflected in India’s MCX futures market, where silver prices tumbled from a record ₹4.28 lakh per kg to around ₹2.39 lakh. This steep fall has unsettled investors, raising concerns about whether the rally was driven by speculative excesses and whether further downside risks remain. With silver traditionally viewed as both a precious and industrial metal, its recent underperformance amid a complex macroeconomic backdrop has sparked debate about its near-term outlook and long-term investment potential.
Why Have Silver Prices Crashed So Sharply?
