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Global Silver prices collapsed in a matter of minutes earlier this morning, declining to sub-$75 an ounce levels from levels of $90 that they tried to sustain when trading began in the Asia Pacific. Sharp swings continue in the global spot prices, currently down over 13%.
(Photo Credit :
Bloomberg
)
Silver prices on MCX are down 9% in early trading on Thursday, February 5, tracking the collapse seen in the global spot prices.
Prices had first opened 6% lower, before extending their losses to 9%. Silver prices have lost ₹24,196 in just a few minutes of the trading session, currently trading at ₹2,44,654 per kilo.
As a result, Silver Exchange Trading Funds are also trading with losses between 13% to 15% in early trading on Thursday.
Global Silver prices collapsed in a matter of minutes earlier this morning, declining to sub-$75 an ounce levels from levels of $90 that they tried to sustain when trading began in the Asia Pacific. Sharp swings continue in the global spot prices, currently down over 13%.
Silver ETFs are now the among the most leveraged assets in the Margin Trading Facility (MTF) book. As of February 4, the Nippon AMC Silver ETF had leveraged positions of over ₹1,300 crore.
Silver prices on the MCX had hit record highs of over ₹4 lakh per kilogram just a few days earlier, before a collapse last week took prices down to their current levels. The spot price collapse on Thursday has wiped out two days of recovery over Tuesday and Wednesday, when prices had rebounded from oversold levels.
Along with Silver, even Gold ETFs are down anywhere between 4% to 6% on Thursday morning in India, although spot Gold prices have not collapsed as much as Silver.
