Silver Prices Plunge Sharply, Marking Largest Single-Day Drop in Years; Gold Prices Also Retreat from Highs

Wedoany.com Report-Dec.30, Silver prices experienced a significant correction on Monday, recording their largest single-day drop since 2021. Spot silver prices retreated from their historical high above $83 per ounce, falling nearly 10% to levels around $70 per ounce.

Gold prices exhibited a similar trend, though the decline was relatively smaller. Gold prices touched a new historical high of $4,543.51 per ounce during early trading before being influenced by the broader correction in the precious metals market, falling by over 4.5%. Since the beginning of this year, gold prices have accumulated gains of nearly 75%.

Market analysis suggests that the factors driving the sustained rise in silver prices since late November last year, including monetary policy expectations, demand prospects, and concerns over supply, remain present.