Sharp fall in gold and silver prices, prices fell by 3%, news of peace between America and Iran cooled the market. – ..

News India Live, Digital Desk: Due to a major disturbance in the global market, a huge fall in the prices of gold and silver has been recorded in the bullion market. In the international market (Comex), the prices of gold and silver have come down by 3 percent. The main reason behind this big decline is said to be the news of reducing tension in West Asia. In particular, discussions of a possible ‘ceasefire’ or peace agreement between the US and Iran have suddenly reduced the demand for gold as a safe haven investment.

Price situation on Comex: Investors got a shock

On April 9, a major weakness was seen in the prices of gold on the international market i.e. Comex. Gold, which was touching new heights for the last few days, suddenly fell by 3 percent. Same was the case with silver, where prices fell sharply due to slow industrial demand and profit-booking by investors. Market experts say that whenever the war-like situation calms down at the international level, a correction (fall) is seen in the prices of gold.

Impact of America-Iran deal: Why did gold and silver become cheap?

For the past several months, the ongoing tension between Iran and Israel/America had kept gold prices high. Due to fear, investors were investing their money in gold as a safe asset. But now the possibility of a ceasefire or a big deal between America and Iran has changed the market sentiment. Strength in the dollar index and improvement in bond yields have also put pressure on gold. Besides, inflation data in the US has also dimmed the prospects of interest rate cuts by the Federal Reserve, taking the shine off gold.

What will be the impact in Indian market? Golden opportunity for buyers

The direct impact of this decline in the global market is also being seen on India’s domestic market (MCX). In big cities like Delhi, Mumbai and Kolkata, the price of 10 grams of gold is expected to fall by ₹1,500 to ₹2,000. At the same time, silver can also become cheaper by ₹ 3,000 per kg. This fall in prices ahead of the wedding season is a big relief for those who were planning to buy jewellery.