Gold and silver prices are once again witnessing a major decline, and the prices of both the precious metals have fallen in the last two days. There was a huge fall in silver futures as soon as trading started on Multi Commodity Exchange (MCX) on Friday. In just two days the price of this precious metal has fallen by ₹ 22,000. At the same time, gold has also become quite cheap; The price of 10 grams of 24-carat gold has fallen to ₹1.46 lakh.
** Silver became cheaper by ₹ 8,000 in the beginning **
If we look at the decline on MCX, silver prices (for expiry date of July 3) had closed at ₹2,37,572 per kg on the previous trading day; But when the market opened on Friday, it fell to ₹ 2,29,561 per kg. As a result, the price of 1 kg silver fell by ₹8,011 in one go.
**Silver became cheaper by ₹22,000 in two days**
A big fall was also seen in silver futures prices on the previous trading day (Thursday), and this fall continued till the end of the session. If we look at the fall in the last two days: on Wednesday the price closed at ₹2,51,807, on Thursday it fell to ₹2,37,572 and on Friday it fell further to ₹2,29,561. In this way, silver has become cheaper by ₹ 22,246 per kg in just two days.
**Heavy fall in gold prices**
Talking about the future price of gold, its price is also moving along with silver and it is also showing a continuous decline. At market opening, the price of 10 grams of 24-carat gold (for expiry date August 5) fell to ₹1,46,252; It had closed at ₹1,49,309 per 10 grams on the previous trading day. In other words, the price of gold suddenly fell by ₹3,057.
How much has gold fallen from its highest level? Talking about the fall in the last two trading days, on June 17, the price of 10 grams of gold was ₹ 1,53,879 and since then the price of this precious yellow metal has decreased by ₹ 7,627. Compared to that high, gold futures crossed ₹2 lakh for the first time in January; The highest price for this particular expiry contract was ₹2,04,375, which means gold is now being sold at ₹58,123 lower than that highest level.
Why did the prices of gold and silver suddenly fall?
The reasons for the fall in gold and silver prices are related to America. The US Federal Reserve announced that it would keep the repo rate unchanged – meaning there would be no change in interest rates, which would remain in the range of 3.50% to 3.75%. However, Fed officials expressed concern over rising inflation and the possibility of future interest rate hikes, which has weighed on gold and silver prices.
