Why did silver prices fall by 14.1%?

Silver prices decreased by 14.1% primarily due to profit-taking by investors after a significant rally and the strengthening of the U.S. dollar.

Will silver drop below $99.77 or rise again?

Silver may test support near $99.77 in the short term, but a recovery is possible depending on investment demand and dollar movements.

How are gold and other precious metals influencing silver prices?

The decline in gold, platinum, and palladium prices after their record highs has added pressure to silver prices, indicating broad selling across precious metals.

Home / Business and Economy / Silver Plunges 14.1%: Profit-Taking Triggers Sharp Drop

Silver Plunges 14.1%: Profit-Taking Triggers Sharp Drop

30 Jan

•

Summary

Silver dropped 14.1% to $99.77 after reaching a record high.
Profit-taking and a stronger U.S. dollar fueled the sharp decline.
Investor focus shifts to U.S. monetary policy and Fed leadership.

Silver Plunges 14.1%: Profit-Taking Triggers Sharp Drop

Silver prices experienced a substantial 14.1% decline, settling at $99.77 per ounce following a period of record-setting highs. This reversal occurred as investors opted to secure profits after a significant rally.

The market's attention has pivoted towards the U.S. dollar, which strengthened, and evolving expectations regarding U.S. monetary policy. A stronger dollar typically reduces demand for dollar-denominated metals like silver from international buyers.

The sharp fall in silver followed similar downward movements in other precious metals, including gold, platinum, and palladium, which had also reached record levels earlier in the week. Gold, for instance, dropped 7.5% to $4,992.05 an ounce.