New Delhi, Jan. 30 -- The global precious metals market faced a massive reversal on Thursday as both gold and silver prices tumbled from historic peaks. Silver, which recently touched a record high of Rs 4,20,000 in India and 121 dollars per ounce internationally, saw a sharp correction that wiped out significant gains in a matter of hours. This "safe haven" crash saw gold prices drop by nearly 500 dollars per ounce to 5,100 dollars, while silver plunged by nearly 12 per cent. The sudden downturn was fuelled by a broader slump in U.S. technology and AI stocks, headlined by a significant crash in Microsoft shares following concerns over massive AI spending and slowing cloud growth.

Pankaj Arora, National President of the All India Jewelle...