There has been a big fall in the price of gold in the country’s capital Delhi on Tuesday and it has now come down to Rs 1.62 lakh per 10 grams. The main reason for the fall in gold prices is believed to be the military tension between Washington and Tehran.
The dollar index rose due to the renewed military tension between Iran and America, due to which gold prices fell. According to All India Bullion Association, the price of gold of 99.9 percent purity has fallen by Rs 2,800 and it has become Rs 1,62,400 per 10 grams including all taxes.
On Monday, the price of gold had increased to Rs 1,65,200 per 10 grams. However, an increase of Rs 2,000 has been seen in the price of silver and it has become Rs 2,73,000 per kg. On Monday, the price of silver in Delhi was Rs 2,71,000 per kg.
Fall in gold and silver prices on MCX
There was a big fall in the prices of gold and silver on MCX at around 9 pm. On July 3, future silver price fell by Rs 6,000 and was trading at Rs 270713 per kg. Similarly, on June 5, the future gold price fell by Rs 1300 and was trading at Rs 1,57,784.
Price of gold and silver in international market
A decline in the prices of gold and silver has also been seen in the international markets. According to PTI updates, spot gold prices fell nearly 1 per cent to US $ 4,534.69 an ounce, while silver prices fell a little over 2 per cent to US $ 76.49 an ounce.
Why is gold and silver falling?
The main reason for the fall in the prices of gold and silver is geo-political tension. Due to increasing tension between Iran and America, the dollar has increased. Due to rise in dollar the prices of gold and silver are going down. Apart from this, profit booking has also started, due to which a decline in the prices of gold and silver has been seen. Also, due to the increase in the price of crude oil, there is a crisis in the economy and the risk of inflation has increased, due to which a decline is also being seen in metal prices.
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