Along with the bullion market, the price of gold and silver also declined in the commodity market.

New Delhi. Along with the bullion market, there is a declining trend in the prices of gold and silver in the commodity market also. Due to the Lunar New Year holiday in the Asian market today, trading in both gold and silver commodities has decreased, due to which there is pressure on their prices.

Along with this, due to the strength of the US dollar, there seems to be increased pressure on the prices of gold and silver. For this reason, around 12 noon, the price of silver on Multi Commodity Exchange (MCX) was down by Rs 7,491 i.e. 3.12 percent at Rs 2,32,400 per kg.

Similarly, gold slipped by Rs 2,760 or 1.77 percent and was trading at Rs 1,52,024 per 10 grams. There is a declining trend in the prices of gold and silver in the international market also. In the international market, spot silver had fallen to the level of $ 73 an ounce.

However, it later improved, due to which by 12 noon Indian time, this shiny metal had fallen by 2.71 percent to the level of $ 74.51 an ounce. Similarly, by 12 noon Indian time, spot gold had fallen by 0.90 percent to the level of $ 4,947.98 an ounce.

US gold futures for April delivery had fallen by 1.62 percent to the level of $ 4,966.80 an ounce. It is being told that the US dollar index has increased by 0.20 percent, due to which bullion (gold and silver) sold through dollars in the international market has become expensive for investors holding currencies other than the dollar.

Due to this, the interest of investors has also decreased, the effect of which is visible in the fall in the prices of these two shiny metals. Market experts believe that if the US Federal Reserve cuts interest rates or the dollar weakens, then silver and gold prices may once again become bullish.

At present there has been a decline in the industrial demand for silver in the international market. Along with this, inventory and recycling supply are also working to limit the price of silver. Therefore, at present there is little hope of a huge rise in the price of silver.