Silver prices take Rs 5,500 hit, tumble 2% today. Should investors buy this dip?
[hfe_template id='11223']
[ad_1]
After opening in the red, silver prices extended losses on January 7, sliding about 2%, or by Rs 5,511, to trade around Rs 2,53,300 per kilogram on the MCX, as investors booked profits a day after the precious metal touched a one-week high. The pullback comes after a stellar run in 2025, during which silver prices surged by as much as 147%. With today’s dip, what should investors do? Ponmudi R, CEO of Enrich Money, said that MCX Silver is trading near Rs 2,58,836, sustaining its bullish channel, with every pullback attracting aggressive buying interest. “Holding above Rs 2,55,000 keeps the upside momentum firmly intact. Sustained strength above Rs 2,59,000 could drive a swift move towards Rs 2,64,000 to Rs 2,75,000, while the Rs 2,55,000 to Rs 2,52,000 band remains a key accumulation zone. Silver continues to outperform as a high-beta play within the broader precious metals uptrend,” he added. The recent rally was driven by strong safe-ha...