There were fluctuations in the prices of gold and silver on Thursday. By 1:30 pm, silver in the domestic market became cheaper by Rs 2,000 to Rs 2.61 lakh per kg, while gold fell by Rs 630 to trade at Rs 1.58 lakh per 10 grams.
The day also started with weakness. In early trade, gold had fallen by Rs 660 in the bullion market to Rs 1.58 lakh per 10 grams. Whereas silver slipped by Rs 1,200 to Rs 2.62 lakh per kg.
However, the stance changed later on the Multi Commodity Exchange (MCX). Here a rise of about 4 percent was recorded in the prices of silver and it reached Rs 2.62 lakh per kg. Gold also gained Rs 1,957 and reached Rs 1.58 lakh per 10 grams with an increase of 1.25 percent.
condition of domestic market
A tremendous rise was seen in the bullion market on Wednesday. Silver jumped by Rs 4,000 to Rs 2.68 lakh per kg. At the same time, gold also strengthened and crossed Rs 1.61 lakh per 10 grams.
pressure in the international market
There was slight weakness in the global market on Thursday. Spot gold fell marginally to $ 5,080 an ounce, while spot silver slipped 2 percent to $ 82.2 an ounce. After strong data from the US labor market, it has been indicated that the Federal Reserve may avoid cutting interest rates for the time being. Due to this there is pressure on precious metals.
Gold has fallen by about 10.4 percent from its record high of $ 5,608.35 an ounce. At the same time, silver also remains about 48 percent below its all-time high of $ 121.67 an ounce.
Earlier, on January 30 and February 2, a sharp fall in gold prices was recorded in two consecutive trading sessions. This decline came at a time when US President Donald Trump had announced the name of his candidate for the post of Federal Reserve Chair.
However, despite recent fluctuations, gold has gained about 17.5 percent so far this year due to geopolitical tensions and global economic uncertainties.
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