The prices of gold and silver have fallen significantly. If you are thinking of buying these, then this is good news for you; But if you are an investor and want to make profits, you will have to wait. The impact of fluctuations in the global market and the ongoing tension between America and Iran in the Middle East is clearly visible on the bullion market. On Friday, which was the last trading day of the week, gold and silver prices fell heavily on MCX.
**Fall in gold and silver prices in MCX and local market**
Talking about gold on MCX, on Friday the prices fell by ₹3,947 to ₹1,55,600 per 10 grams. More decline was seen in silver than gold; Its price fell by ₹16,595 to ₹2,48,201 per kg – a fall of 6.27% in a single day. Apart from MCX, the same trend was seen in the local market too; According to the Indian Bullion and Jewelers Association, the price of gold was around ₹1,54,238 per 10 grams at the close of trading on Friday. Heavy selling pressure was also seen in silver; In Delhi’s bullion market, the price of silver fell by ₹5,000 to ₹2,60,700 per kg in a single day.
Gold prices in major cities
Delhi: 1,55,180 Mumbai: 1,55,450 | Patna: 1,55,370 Jaipur: 1,55,430 | Kanpur: 1,55,490 | Lucknow: 1,55,490
silver prices
Delhi: 2,48,190 Mumbai: 2,48,620 | Patna: 2,48,490 Jaipur: 2,48,590 | Kanpur: 2,48,690 | Lucknow: 2,48,690
Gold and silver prices in global market
In the international market, the spot price of gold has fallen to around $4,470.79 an ounce, while the price of silver remains at $72.89 an ounce. Experts believe that due to global tension, the thinking of investors is changing, which has had a direct impact on the prices.
What do experts say about prices?
Elias Haddad of Brown Brothers Harriman & Company says that gold prices are currently facing a double whammy. On one hand, returns on interest bearing assets are rising and on the other, the dollar is strengthening; Due to both these reasons, investors’ interest in gold has decreased. He believes that both gold and silver prices could fall further, especially if they break below their 200-day moving averages. This is a sign of weakening long-term market sentiment.