Gold and silver prices continue to fluctuate. Gold has become cheaper by up to ₹3,400, while silver has seen a decline of up to ₹16,000. The period of price volatility continues.
On MCX, the price of gold fell by ₹3,415 to ₹1,38,800 per 10 grams, a decline of 2.4 percent. Silver became cheaper by ₹15,939, falling to ₹2.49 lakh per kilogram, a drop of six percent.
Decline in International Gold and Silver Prices
In early trading on Monday, spot gold in the international market slipped by nearly 4%, while silver also saw a similar decline. However, after falling by up to 12%, silver stabilized above the $80 per ounce level. In the previous session, silver recorded its biggest ever intraday fall, considered the sharpest decline in the last 10 years.
What are the reasons for the decline?
In the past year, gold and silver prices have reached record highs, surprising even experienced investors. This surge intensified in January, as investors turned to gold and silver as safe-haven investments amidst global tensions, weakening currencies, and concerns about the independence of the US Federal Reserve.
The major reason for the recent decline is believed to be the news that emerged on Friday, stating that US President Donald Trump was planning to nominate Kevin Warsh as the Fed Chair. Following this news, the dollar strengthened, and the sentiment of traders who were expecting a weaker dollar was dampened.
Gold Prices in the Domestic Market
In Mumbai, the financial capital of the country, 24-karat gold is selling at around ₹1,47,970 per 10 grams.
In Kolkata, the price of gold is around ₹1,47,780.
In Delhi, 24-karat gold is recorded at ₹1,47,720 per 10 grams. Gold prices remain the highest in South Indian cities.
In Chennai, gold is priced at ₹1,48,400,
in Hyderabad at ₹1,48,210,
and in Bengaluru at ₹1,48,090 per 10 grams.
Domestic Silver Prices
Silver prices also remain high in major cities.
In Mumbai, silver has reached ₹2,66,020 per kilogram.
In Delhi, the price is ₹2,65,560.
In Chennai, silver is trading at ₹2,66,790,
in Hyderabad at ₹2,66,440,
in Bengaluru at ₹2,66,230,
and in Kolkata at approximately ₹2,65,660 per kilogram.
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