The Indian stock market has shown a significant decline over the past two days, with a serious slump occurring on Thursday. The Nifty index approached its fifty-two-week low, falling by approximately 400 points or 1.74% to reach the level of 22,200. Meanwhile, the Sensex lost more than 1000 points.
A decline is also observed in the silver market. On the commodity market, silver prices sharply decreased: the December 4th futures contract fell by approximately 3000 rupees, reaching 220,418 rupees per kilogram.
At the same time, gold prices rose by 100 rupees on MCX, amounting to 149,198 rupees for 10 grams. Gold is also rising on the international market while silver loses value.
On Comex on Thursday, there was a slight increase in gold prices, standing at $4,147.17 per ounce. Silver prices, conversely, fell by 1.90%, trading below $60 per ounce.
The decrease in silver's value is attributed to the rise in the US bond market and the strengthening dollar, which leads to a fall in metal prices. Specifically, the drop in silver prices is linked to reduced demand for this metal. The rise in gold prices is associated with active gold purchases by China, despite the slight increase in gold prices.