New Delhi: On Friday, October 30, the last day of the trading week, there was a big fall in the prices of gold and silver. At 6 pm, gold fell to Rs 1800 per 10 grams. Silver became cheaper by more than Rs 7200.
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This decline was even bigger in the global market. On Comex, gold fell by 1.44 percent to below $ 4000 an ounce and was seen trading at the level of $ 3973 an ounce. Whereas a huge fall of 4.19 percent was seen in silver.
Silver fell 2.19 percent and started trading at $ 50 an ounce. Experts say that before the US Midterm Elections, the prices of gold and silver may crash badly.
What are the latest rates on Multi Commodity Exchange?
By 6:10 pm on MCX, gold became cheaper by Rs 1,764 and was trading at Rs 1,40,832. During this period, the high level of gold was Rs 1,42,574 and the low level was Rs 1,40,768. Last day it had closed at Rs 1,42,596.
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Silver fell by 3.58 percent i.e. Rs 6789 and reached Rs 1,88,272 per kg. During trading, the high level of silver was Rs 1,88,272 and the low level was Rs 1,82,231. During the last trading session, silver had closed at Rs 1,89,453.
Why did the prices fall and to what extent will the prices fall?
The main reason for the fall in the prices of precious metals is the increasing concerns about the interest rates of the US Federal Reserve. The Fed has kept interest rates in the range of 3.75 to 4 percent, but has expressed concern about inflation. There is apprehension in the market that interest rates may be increased further or may be kept at a higher level for a long time. This may strengthen the dollar and bond yields, which will put pressure on gold and silver.