Overview
- Silver logged its steepest one-day drop since 2020—about 8.7% to 9%—then recovered, trading near $73 on COMEX and up roughly 4% to 5% on MCX.
- Gold also slid sharply in the prior session before a modest rebound, yet both metals remain far above earlier-year levels after outsized 2025 gains.
- CME raised initial margins for March 2026 silver futures to $25,000 from $20,000, prompting deleveraging that intensified the selloff in thin holiday trade.
- Analysts say structural supports persist, including multi‑year physical deficits, strong industrial demand, ETF and central‑bank buying, and China’s export licensing from January 1, 2026.
- Local markets mirrored the swings, with Pakistan’s per‑tola gold dropping Rs5,500 on Monday and a further Rs10,700 on Tuesday, while Indian city prices showed a partial rebound.