After two months of continuous rise, gold and silver prices have started falling drastically. The prices of gold and silver are falling daily. Both precious metals saw a huge fall in early trade on Friday. The decline continues after reaching record highs.
On MCX, gold is trading at a record high of ₹1.32 lakh per 10 grams, while silver is trading above ₹1.70 lakh. A huge decline has been seen in both the metals from here. Gold prices have fallen by more than ₹9,000, while silver prices have fallen by more than ₹24,000. This fall comes at a time when global risk sentiment is improving. The US dollar is strengthening and investors are reconsidering their safe investment options. The improvement comes amid inflation concerns, expectations of interest rate cuts and geopolitical instability.
On MCX, gold is trading today at ₹1,22,860 per 10 grams, down by ₹1,244. Silver fell by ₹2,565 to ₹1,45,947 per kg. Today’s highest price of gold is ₹1,23,776 and lowest price is ₹1,22,800. Silver touched a high of ₹147,473 per kg today.
What are experts saying about this decline?
Commodity experts say the move could signal the end of the metal’s immediate rally, though not necessarily the end of a broader rally. Darshan Desai, CEO of Aspect Bullion & Refinery, said gold prices are set to snap a nine-week high after falling sharply from recent highs. He attributed the fall to profit-booking by investors amid “high valuations, renewed optimism over a potential US-China trade deal and a stronger US dollar”.