New Delhi.There was a big stir in the precious metals market on Thursday, April 3. A sharp fall in the prices of both gold and silver was recorded amid international cues and increasing tension in the Middle East. Its effect was clearly visible in the foreign markets as well as the Indian futures market.
Pressure increased in global market
In the international market, gold fell by about 3.07 percent ($145) to reach $4629 an ounce. At the same time, more weakness was seen in silver, where the price fell by about 6 percent ($ 4.50) to around $ 71 an ounce.
Prices fell on MCX also
Selling pressure was clearly visible in the domestic futures market also. The price of gold on MCX fell by more than Rs 6600, after which it was seen trading at Rs 1,48,279 per 10 grams. The fall in silver was even sharper, falling by more than Rs 19,000 to Rs 2,28,522 per kg.
Why did the market collapse?
According to experts, after the recent rise, investors have started booking profits. Apart from this, the strength of the dollar at the international level and geopolitical tension also changed the direction of the market. Usually, gold strengthens in such situations, but this time the trading pattern was different.
What will be the trend going forward?
Now the focus is on global developments and economic indicators. If pressure continues, further price fluctuations are possible, while recovery may also be seen once stability returns.
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