Gold prices have always been fluctuating. However, prices had been rising for some time. Recently, tensions in the Middle East have created a lot of uncertainty. But, no one expected such a huge fall in gold prices; This is the first time in almost 18 years that gold prices have fallen so much.
**Fall in gold prices**
A huge fall was seen in gold prices on Tuesday. On June 30, the last day of the month, gold prices fell by almost 12%. The main reasons for this decline are increasing tension in the Middle East and possible increase in interest rates in America. Investors fear that the US Central Bank (Federal Reserve) may increase interest rates several times this year to control inflation.
**What prices were recorded?**
Spot gold prices fell 0.8% to $3,985.57 an ounce (about ₹3.77 lakh) on Tuesday, according to a Reuters report. Gold prices have fallen nearly 12% so far in June, the fourth consecutive monthly decline. At the same time, US gold futures for August delivery also fell 1% to $3,999.20 an ounce (about ₹ 3.78 lakh).
**Change in silver prices**
Along with gold, silver prices also fell. Silver prices fell 1.3% to $57.53 an ounce (about ₹5,400). At the same time, platinum fell 0.7% to $1,563.25 per ounce (about ₹ 1.48 lakh).
First decline in 18 years
Earlier, such a huge fall in gold prices was last seen in October 2008. The decline recorded in June is the biggest monthly decline in almost 18 years. However, considering the current tense situation, no one expected such a decline.