Silver falls from record high! Here's why the white metal's prices fell 17%

Silver prices have taken a sharp hit, falling 17%, after touching a record high earlier this month, dropping around Rs 31,000 per kg over the last ten days. On Friday, the white metal closed at Rs 1.47 lakh per kg. Experts attribute the decline to improved metal availability in London and profit-taking by investors. Internationally, spot silver fell to $48.5 per troy ounce on Friday from $54.47 a week ago. Bullion traders highlighted that large shipments from the US and China to London eased pressure on prices, according to ET. As the global hub for physical silver transactions, London’s vaults directly influence market rates. The shortage there had previously driven India’s silver to an all-time peak of Rs 1.78 lakh per kg on 14 October, experts noted. This year’s earlier