Gold, Silver Prices Plummet Before Budget: What Caused the Sharp Decline?
Commodity
M
Moneycontrol•01-02-2026, 10:44
Gold, Silver Prices Plummet Before Budget: What Caused the Sharp Decline?
- •Gold and silver prices experienced a significant fall ahead of the budget, with silver dropping 37% in a single day and gold seeing its biggest fall since 1980.
- •The ProShares Ultra Silver ETF plummeted by up to 60%, with silver falling from $120 to $84.
- •On MCX, Gold February futures were down 3.59% at ₹144,285, and Silver March futures fell 7.21% to ₹270,865.
- •The dollar's biggest surge since May, with the Dollar Index crossing 97, and the selection of Kevin Warsh as the new Fed Chairman, contributed to the decline.
- •Experts recommend selling ZINC FEBRUARY futures at ₹324 for a target of ₹315 and buying CRUDE FEBRUARY futures at ₹5880 for a target of ₹5990.
Why It Matters: Gold and silver saw sharp declines due to a surging dollar and Fed Chairman selection, with mixed commodity outlooks.
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