The precious metals markets witnessed an unprecedented price earthquake, with silver prices suffering heavy losses and sharp declines in just two trading sessions, continuing the violent downward trend that has swept the market. These rapid negative movements wiped out all the gains the white metal had recorded since the beginning of 2026, in one of the most severe price movements and volatility events in the history of commodity and metal trading.
Details of the price collapse
Based on the recorded figures, silver had soared to its all-time high in the session before last (Thursday), reaching a record high of $121.71 per ounce, equivalent to 14,673 Saudi riyals per kilogram. However, this meteoric rise was followed by a sharp decline, with prices continuing their steep fall to reach levels today of $71.15 per ounce, equivalent to 8,578 riyals per kilogram.
In numerical terms, silver lost approximately $50.56 per ounce in just 48 hours, marking a catastrophic decline of 41.54%. According to calculations in the local currency (Saudi Riyal), a kilogram of silver lost the equivalent of 6,095 Riyals during those two sessions, effectively wiping out all the profits and gains investors had accumulated in silver since the beginning of 2026.
The nature of silver fluctuations and the economic context
Silver is known among traders as more volatile than gold, often experiencing sharp price swings due to its dual nature: it is a precious metal used as a store of value, and simultaneously an industrial metal used in numerous modern technological and industrial applications. This sharp decline typically reflects widespread profit-taking after prices reach record highs, or a strong reaction to changes in global monetary policies or the strength of the US dollar.
Market psychology and the impact of panic
This dramatic drop indicates a panic sell-off among traders, with liquidation efforts accelerating as they exit long positions to preserve capital. Such rapid collapses typically occur when key technical support levels are broken, triggering automatic stop-loss orders and intensifying the decline. Analysts are now monitoring the next support levels to see if gold will stabilize or continue its downward spiral in the coming days.
