There has once again been a big fall in the price of gold and silver on the third trading day. After closing in the red zone on Tuesday, shortly after the opening of futures trading on MCX on Wednesday, there was a big fall in the price of silver and in one stroke it became cheaper by more than Rs 4000 per kg. On the other hand, the price of gold has also slipped and the rate of 10 gram 24 carat gold has decreased by more than Rs 600.
So far, in just three days of the week, silver has become cheaper by more than Rs 5600 per kg and the price of this precious metal has fallen from Rs 2,71,846 to Rs 2,66,200. After this latest fall, gold has now become cheaper by Rs 46,000 per 10 grams from its high level.
Gold and silver fall on MCX
As soon as the silver futures opened on July 3 on Multi Commodity Exchange (MCX) on Wednesday, it jumped and reached Rs 2,72,628 per kg, but then suddenly the price of this precious metal started falling drastically and in no time it came down from its previous closing of Rs 2,70,628 to Rs 2,66,200. That means 1 Kg Silver Price reduced by Rs 4428.
The price of silver has fallen by Rs 5646 per kg in just 3 trading days this week. Compared to its high level of Rs 4,57,328 per kg in January, silver has now become cheaper by Rs 1,91,128 per kg.
Now talking about the second precious metal, gold, this yellow metal has also slipped during trading on MCX. It fell from its previous closing of Rs 1,57,616 per 10 grams to Rs 1,56,953 shortly after the market opened on Wednesday. At the same time, futures gold (10 Gram 24 Karat Gold Rate) with expiry of June 5 has now fallen by Rs 46,031 from its high level of Rs 2,02,984.
What is the condition of Gold and Silver in Delhi?
Now talking about the change in the price of gold and silver in the domestic market after MCX, according to the website of Indian Bullion Jewelers Association IBJA.Com, the rate of 10 grams of 24 carat gold fell to Rs 1,57,040 from the previous closing of Rs 1,57,611. There was a big fall in the price of silver and it became cheaper by Rs 4503 from Tuesday’s closing Rs 2,66,213 per kg and opened at Rs 2,61,710 per kg.
Reason for decline in gold and silver
If we look at the reasons behind the fall in the prices of gold and silver, a major reason is geo-political tension, because talks are not working out between America and Iran, Trump’s series of threats is further increasing the concern over Hormuz. Meanwhile, due to increase in tension, the dollar is rising and this has increased the pressure on gold and silver. There has been a decline in the prices of gold and silver due to profit booking by investors.
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