Silver prices plunged sharply in Friday's trade, falling as much as 6% — or Rs 17,500 — on the MCX, sliding back to levels last seen before the Centre hiked gold and silver import duties to 15% in a bid to stabilise the rupee amid its steep fall to record lows.
Before the duty hike, silver futures had settled around Rs 2.79 lakh per kg on May 12. Prices spiked on May 13 after the higher customs duty pushed up landed costs, briefly taking silver back above Rs 3 lakh per kg. But that bounce has completely reversed, with silver now erasing all post-hike gains.
