Gold-Silver Price Crash: Gold prices plummet in a single day, silver becomes Rs. 24,000 cheaper..

Gold-Silver Price Crash: The bullish trend that had gripped the bullion market for the past few days came to a sudden halt on Friday. If you were planning to buy gold or silver and were worried about the rising prices, today's news might bring you some relief. After touching record highs on January 29, the precious metals market witnessed a sharp decline on the morning of January 30. Both gold and silver have fallen sharply on the Multi-Commodity Exchange (MCX). The market, which was soaring on Thursday, saw significant profit-taking today.

Massive Drop from Record Highs
In early trading on the MCX, both metals registered a drop of more than 5 percent. On the morning of January 30, the price of gold on the MCX fell by 5.55 percent to Rs 1,60,001 per 10 grams. This drop is significant because gold had recently reached its all-time high of Rs 1,93,096. Today, gold is approximately Rs 9,402 cheaper.

Meanwhile, silver prices fell by 4.18 percent, dropping to Rs 3,83,177 per kilogram. It's worth noting that silver had set a new record of Rs 4,20,048 per kilogram on Thursday, but today's profit-taking pulled the prices down.

Softness in the Retail Market as well
Not only the futures market, but the retail market also witnessed a decline today. This could be an opportunity for ordinary buyers. According to the Bullion website data, on January 30, gold in the retail market was trading at Rs 1,65,180 per 10 grams, a drop of Rs 5,300. Silver saw a significant drop of Rs 23,360 and was trading at Rs 3,79,130 ​​per kilogram.

The fluctuations in the international market have also put pressure on the Indian market. In the global market, spot gold fell by 1.65 percent to $5,217 per ounce, after reaching a record high of $5,594.82 the previous day. Similarly, spot silver also declined by 2.86 percent to $110 per ounce.

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