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Silver prices are rapidly declining, leading to a market adjustment in tandem with gold prices
The spot silver market has fallen sharply, breaking below the $79 level, causing market turbulence. The decline for the day reached 2.81%, highlighting strong selling pressure. Consequently, the spot gold price also underwent a correction, dropping by $16 per ounce to around $4,453.
A similar trend continues in the New York futures market, with silver futures trading below $79. The decline rate at this stage is 2.64%, confirming the correlation with the physical market.
The overall precious metals sector is experiencing a temporary correction, influenced by profit-taking by market participants and a strengthening dollar. When gold prices fall, it often leads to the sale of risk assets, and short-term volatility may persist.