Silver price on MCX falls nearly 15%, reaches Rs 3,42,390 per kilogram on January 30

The silver futures price declined nearly 15 percent on MCX at Rs 3,42,390 per 1 kilogram as of 3:37 pm IST on January 30, from its previous close at Rs 3,99,893.

The metal opened the session at Rs 3,83,646 per kg and continued its downward trend amid high volatility. The silver's March futures price hit a record Rs 4,20,048 on January 29.

On Comex, the spot price of silver fell to $98 an ounce as of 10:09 am GMT, representing a 14.15 percent decline from its previous close, as the market reacted to a resurgent dollar.

The broader precious metals surge is being fuelled by ongoing geopolitical and macroeconomic risks and a sharply weaker US dollar amid policy uncertainty in Washington and President Donald Trump’s tolerance for a softer greenback.

According to Justin Khoo, Senior Market Analyst - APAC, VT Market, silver’s recent correction appears largely technical and positioning-driven rather than a deterioration in fundamentals.

Gold price today dips 9% at Rs 1,55,569 on MCX amid heightened volatility

"After an exceptional January rally—where MCX silver surged over 60% month-on-month to record highs above Rs 4.2 lakh per kg ($120/oz)— aggressive profit booking led to a sharp pullback toward the Rs 3.9–4.0 lakh per kg zone. The move was amplified by silver’s higher volatility and sensitivity to short-term risk sentiment and dollar strength," Justin said.