Gold, silver prices fall 13% after record rally

Easing geopolitical tension between Ukraine and Russia, China’s export curbs weigh down two precious metals

- BENN KOCHUVEEDAN @ Mumbai

AFTER hitting lifetime highs in the morning, precious metals gold and silver, along with copper, tanked up to 13% in the afternoon trade on Monday, weighed down by the easing geopolitical tension (US President Donald Trump met Ukrainian counterpart Volodymyr Zelenskyy to end war) and China’s new export curbs on white metal, along with the higher margins imposed on silver futures contract by Western markets.

Prices of gold, silver and copper dropped in the afternoon after seeing a major bull run in the morning trade. While silver has rallied close to 145% so far this year, gold has done so by 79% in dollar terms, while in rupee terms domestic silver futures crossed ₹2.53 lakh on the MCX in Monday morning trade following the spot price of silver hit an all-time high at $82.95 an ounce (28.35 g) on the CME.