Gold and silver prices fell on Monday. According to the Bullion website, silver prices fell by ₹7,940 to ₹2.38 lakh per kg. Gold prices fell by ₹1,250 to ₹1.55 lakh per 10 grams.
Gold and silver prices on MCX
In the last trading session, silver with March expiry jumped ₹7,280 (3.08%) to ₹2,43,715 per kg.
Gold with April expiry rose ₹2,819 (1.84%) to close at ₹1,55,655 per 10 grams.
This sharp rise in prices has revived a buying trend in the market, although the high prices have also made buyers cautious.
Gold and Silver Prices in the International Market
On the other hand, the global market witnessed mild profit-booking on Monday, February 16. Spot gold fell about 0.27% to $5,033 per ounce during Asian trading, while spot silver fell more than 2% to $76.34 per ounce.
Reasons for Fluctuations
According to experts, a 0.2% decline in the US Consumer Price Index (CPI) in January has somewhat eased concerns about inflation and strengthened expectations of an interest rate cut by the Federal Reserve. Lower interest rates are generally considered positive for non-yielding assets like gold and silver.
Gold reached a record high above $5,600 per ounce in late January, but a sharp sell-off in early February caused prices to fall below $4,500. Currently, gold has recovered almost half of its losses amid volatile trading, due to which there is uncertainty about the future direction of the market.
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