Gold and Silver Prices: A big fall was recorded in the prices of gold and silver on Multi Commodity Exchange (MCX). On one hand, there is a stir in the global market due to increasing tension between America and Iran, while on the other hand, due to strengthening of dollar and rise in crude oil prices, pressure on gold and silver increased. Due to this, gold became cheaper by about ₹ 2,300 and silver by ₹ 7,000.
Both gold and silver slipped on MCX
On Wednesday afternoon, on MCX, gold for August delivery fell by about ₹ 2,300 to Rs 1.43 lakh per 10 grams. At the same time, silver for September delivery also became cheaper by ₹ 7,000 and reached the price of ₹ 2.23 lakh per kg. Let us tell you that as soon as the market opened today, there was selling pressure in both the precious metals, due to which the eyes of investors and buyers were focused on the latest prices.
What is the biggest reason for the decline?
The biggest reason for this decline is believed to be the increased tension between America and Iran. US President Donald Trump said that the interim ceasefire with Iran is now over. After this, America launched new military attacks on Iran, which further increased tension in the Middle East. As tensions escalated, crude oil prices rose and the US dollar strengthened. Generally when the dollar strengthens and bond yields rise, there is less investment in gold. Due to this, pressure on gold and silver prices increased in the international market.
Opportunity for those buying 24 carat gold?
Bullion market experts say that this fall in prices can provide relief to people who are planning to buy gold before the wedding and festival season. However, the market is still influenced by global developments. In such a situation, further fluctuations in prices may be seen in the coming days.
Who will the market keep an eye on next?
Investors will keep an eye on US-Iran tension, crude oil prices and the next policy of the US Federal Reserve. If tensions increase further in the Middle East or the dollar strengthens further, there may be further movement in gold and silver prices. At the same time, when the situation becomes normal, the prices may improve again.
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