Gold Silver Price: A period of turmoil continues in the prices of gold and silver in the country. An increase of Rs 1,140 has been recorded in silver, due to which its price has increased to around Rs 2.67 lakh per kg. On the other hand, the price of gold has fallen by Rs 500 and has come to the level of Rs 1.61 lakh per 10 grams. This fluctuation in prices has increased the concerns of both investors and buyers.
A sharp movement is being seen in the prices of gold and silver on the Multi Commodity Exchange of India (MCX). Gold for April delivery fell Rs 496, or 0.31 per cent, to Rs 1,61,102 per 10 gram on a business turnover of 7,587 lots. Whereas silver with expiry on March 5 is trading around Rs 2,65,350 per kg. Due to rising prices, purchasing jewelery is becoming expensive for common consumers.
Market experts believe that due to increasing demand for safe investments globally, geopolitical uncertainties and increasing buying in the international market, there is a bullish trend in precious metals. This is having a direct impact on the demand for gold and silver from the wedding season and investment point of view.
Meanwhile, Union Finance Minister Nirmala Sitharaman and RBI Governor Sanjay Malhotra have said that the government and the central bank are constantly monitoring the prices of gold and silver and increasing imports. According to the Finance Minister, fluctuations in prices are being seen due to increasing purchasing in the international market and global factors.
Talking about the international market, a fall in the prices of gold and silver was recorded on COMEX on Tuesday. Gold fell from its three-week high under pressure from a stronger US dollar, uncertainty over tariffs and US-Iran tensions. Spot gold fell nearly 1.5 percent to $5,150.38 an ounce, while US gold futures for April delivery fell 1.1 percent to $5,170.70 an ounce.
A sharp decline was also seen in silver. Spot silver fell 3.1 percent to $85.50 an ounce, after hitting a two-week high a day earlier. This decline in the global market may also impact the domestic market, due to which further fluctuations in prices may be seen in the coming days.
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