On Monday, gold prices witnessed a major decline in both domestic and global markets.
In early trade on the MCX exchange, gold futures were trading at ₹1,07,208 per 10 grams, down by 0.48% (₹520).
Why Did Gold Fall?
The decline is mainly due to the rise in the US dollar.
The dollar index climbed 0.20%, making gold more expensive for buyers holding other currencies.
This reduced demand, leading to a fall in prices.
It is worth noting that in the last trading session, gold had touched a new all-time high.
Silver Prices Also Drop
Silver also saw a big fall on the first trading day of the week.
On MCX, silver futures were trading at ₹1,23,863 per kg, down by 0.67% (₹834) in early trade.
Global Gold Price
In the global market, gold prices were also down.
On Comex, gold was trading at $3,627 per ounce, falling 0.72% ($26.30).
At the same time, Gold Spot was seen at $3,582 per ounce, down 0.12% ($4.41).
Global Silver Price
Silver prices also declined globally.
On Comex, silver was trading at $41.24 per ounce, down 0.75% ($0.31).
Silver Spot was seen at $40.62 per ounce, a drop of 0.94% ($0.39).
