On the one hand, during the meeting between Donald Trump and Xi Jinping in Busan, South Korea, many issues including tariffs were discussed. This had a direct impact on the prices of gold and silver. There has again been a huge fall in the prices of both the precious metals (Gold-Silver Price Crash). As soon as trading opened on the Multi Commodity Exchange (MCX) on Thursday, the fourth trading day of the week, a fall of about Rs 2,000 was recorded in the price of gold, while a fall of more than Rs 1,600 was recorded in the price of silver. After the sharp fall of the last few days, the prices of both the precious metals had improved on Wednesday, but today they fell again.
Gold on MCX is now so cheap
If we look at the MCX gold rate update, the price of gold with expiry date of December 5 came to ₹ 1,18,665 per 10 grams as soon as the exchange opened on Thursday, which is about ₹ 2,000 less than the closing price of the previous trading day. Earlier on Wednesday, its price had seen a rise and it had reached Rs 1,20,666 per 10 grams. On Thursday, not only gold but also silver prices fell heavily on MCX. On the last trading day it was trading above Rs 1.46 lakh. But when futures trading started today, like gold, this precious metal also suddenly fell by more than Rs 1,600. Silver prices fell to Rs 1,44,402 per kg.
Gold and silver so cheap from their highest level
Gold and silver prices are continuously breaking records this year and reaching new peaks. However, their prices have fallen drastically in the last few days. On the other hand, silver has fallen to Rs 26,013 per kg from its highest level of Rs 1,70,415. Meanwhile, gold is now selling at as low as ₹13,629 from its high of ₹1,32,294 per 10 grams.
What is the situation in the domestic market?
Like the Multi Commodity Exchange, a decline in the prices of gold and silver has been seen in the domestic market too. If we look at the changes in prices in the last 15 days of this month, according to the Indian Bullion Jewelers Association website IBJA.com, the price of 10 grams of 24 carat gold on October 15 was ₹ 1,26,714. Even after improvement on the last trading day on Wednesday, it closed at ₹ 1,20,628. That means it has declined by ₹ 6,086 during this period. Silver, which was priced at ₹1,74,000 per kg at that time, has now come down to ₹1,46,633, a fall of ₹27,367 per kg.
What was the agreement between Trump and Xi Jinping?
Donald Trump and Xi Jinping held a closed-door meeting for more than two hours, in which many important issues were discussed. They agreed to reduce US tariffs on China. The US President said that tariffs on China will be reduced by 10% from 57% to 47%. He also said the issue of rare earth minerals had been resolved, and China had agreed to immediately resume purchasing US soybeans.
