Silver Prices Plunge 6% Ahead of Union Budget 2026; Dollar Strength Cited
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Moneycontrol•01-02-2026, 10:20
Silver Prices Plunge 6% Ahead of Union Budget 2026; Dollar Strength Cited
- •Silver prices opened 6% lower on February 1 at Rs 2,74,410 per kilogram, ahead of the Union Budget 2026.
- •The decline mirrored a fall in the international market, with silver trading almost 6 percent down on the MCX due to a strengthening dollar.
- •Silver had surged past the Rs 4 lakh mark the previous week before this significant fall.
- •The metal sank 25.50 percent on Comex to trade at $82.25 an ounce.
- •Geopolitical tensions, including US-Iran relations, the Russia-Ukraine war, and the Gaza crisis, continue to support prices despite the recent pullback.
Why It Matters: Silver prices dropped significantly ahead of the Union Budget 2026, influenced by a stronger dollar and global events.
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