After reaching record high, there has been a big decline in the prices of gold and silver. The prices of gold and silver have come down far from the record high. Many reasons are being given for this decline. Experts still feel that it will decline further in the short term.
On Thursday, the Asian market witnessed a decline for the third consecutive day and spot gold came down to around $ 4,090 an ounce. Similarly, the price of silver has also decreased. Gold had reached around $4,381 an ounce earlier this week and silver had reached $54.5 an ounce, both a decline of about 10%.
Gold cheaper by Rs 9000
Talking about gold on MCX, its record high level is Rs 132294 per 10 grams, but today it has come down to Rs 122300 per 10 grams. That means the price of gold has been reduced by Rs 9000 from the record high. However, currently gold has increased by Rs 1855 on MCX and is trading at Rs 123712 per 10 grams.
Silver cheaper by Rs 24000
The record high price of silver on MCX was Rs 170415 per kg, from where today it has come down to Rs 145900 per kg. This means that silver has become cheaper by Rs 24000 from the record high level. Currently, silver has risen by Rs 2642 and is trading at Rs 148200 on MCX.
Gold and silver became cheaper even today
A big fall is being seen in the prices of gold and silver today on IBJA. 24 carat gold has come down by about Rs 3 thousand to Rs 1,23,827 per 10 grams. The price of 23 carat gold is Rs 1,23,331 per 10 grams. The price of 22 carat gold has become Rs 1.13 lakh. Whereas 18 carat gold is at Rs 92870. There has also been a big decline in the price of silver. It has become cheaper by Rs 9000 in a single day. Today the price of silver on IBJA is Rs 1,51,200 per kg.
Why did this sudden decline occur?
According to Reuters report, many reasons have emerged for the fall in gold and silver. The biggest reason for this is profit-booking after several months of record profits. Gold and silver prices are falling due to the wave of profit booking. Apart from this, the demand for safe investments has also decreased due to reduction in US-China trade tension.
Strong dollar and stable US yields have also reduced the price of gold. After Dhanteras and Diwali, the demand for the festive season has slowed down at the domestic level. Due to all these reasons the price of gold and silver is falling.
—- End —-