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Gold and Silver Prices Fall Sharply:
Big Drop in MCX Rates
Gold and silver prices saw a sharp fall on Thursday in the Multi Commodity Exchange (MCX).
As soon as the market opened at 5 pm, silver prices started falling quickly.
By around 10:45 pm, silver was trading at ₹2,20,650 per kg.
This is a huge drop of ₹14,184, which is more than 6%.
Gold prices also declined on the same day.
It was trading at ₹1,39,861, down by ₹4,236 or 2.94%.
Why Did Prices Fall So Suddenly?
There are several reasons behind this sharp fall in gold and silver prices.
The biggest factor is global tension. The situation between America and Iran is still unclear.
The US has proposed 15 conditions to end the conflict, but Iran has rejected them.
This has increased uncertainty in the market.
At the same time, crude oil prices have risen due to tensions in West Asia. However, the US dollar has also become stronger.
A strong dollar usually pushes gold and silver prices down, which is what we are seeing now.
MCX Market Timing and Trading Details
Even though the stock market remained closed due to Ram Navami, the commodity market was open.
The MCX opened at 5 pm and trading continued till 11:30 pm.
During early trading, silver for May futures dropped by nearly ₹15,000 to around ₹2.20 lakh per kg.
Gold also fell by more than ₹3,000 to करीब ₹1.40 lakh per 10 grams.
Gold and Silver Prices in Major Cities
Here are the latest gold and silver prices in some major cities:
Delhi: Gold ₹1,47,040 | Silver ₹2,50,000
Mumbai: Gold ₹1,46,890 | Silver ₹2,50,000
Kolkata: Gold ₹1,46,890 | Silver ₹2,50,000
Lucknow: Gold ₹1,47,040 | Silver ₹2,50,000
(Gold prices are for 24K per 10 grams, and silver prices are per kg.)
Overall, gold and silver prices are under pressure due to global tensions and a strong dollar.
Investors are closely watching international developments, which may decide the next move in bullion prices.
