New Delhi. A meeting took place between US President Donald Trump and China’s President Xi Jinping in South Korea on Thursday. After this meeting, news came that both the countries will soon sign a trade agreement. The news also came that China is now ready to give rare earth minerals to America. As soon as these news came, a decline in the prices of gold and silver was seen on the Multi Commodity Exchange (MCX). On MCX, the price of gold with expiry of December 5 fell by Rs 2000 per 10 grams to Rs 118665. On Wednesday, the price of gold on MCX was 120666.
Not only did gold become cheaper on MCX on Thursday, the price of silver also fell by Rs 1600 per kg. After this fall on MCX, the price of silver became Rs 144402 per kg. Whereas, on Wednesday the rate of silver on MCX was Rs 1.46 lakh. With this, silver has become cheaper by Rs 26013 so far on MCX. Whereas, gold has also become cheaper by Rs 13629. Earlier, a big jump was seen in the prices of gold and silver in the past. Gold had reached Rs 132294 per 10 grams.
Talking about the bullion market, the prices of gold and silver started falling from Dhanteras on October 18. However, gold and silver rose in the bullion market on Wednesday. Now, after the fall in the prices of gold and silver on MCX, their prices may fall further in the bullion market across the country. By the way, the wedding season is also going to start in November. Because of this, there may be a possibility of gold and silver prices going up slightly during that period. According to the website of Indian Bullion and Jewelers Association, the price of 10 grams of 24 carat gold on Wednesday was Rs 120628. Whereas, the price of silver had reached Rs 146633 per kg.