New Delhi. With the beginning of the week, a big fall was seen in the gold and silver markets. As soon as the market opened on Monday, a sharp fall in the prices of both was recorded, which created a stir among investors and traders. Gold and silver prices fell sharply in early trade on the Multi Commodity Exchange (MCX).
Sharp fall in gold price
A fall of more than Rs 1,800 was seen in the price of gold as soon as the market opened. Gold for delivery on April 2 had closed at around Rs 1,58,466 per 10 grams in the previous session. At the beginning of the new trading day it opened at around Rs 1,57,347.
During early trading, the price of gold slipped further and reached around Rs 1,56,655. However, after some time, there was some recovery in it and in the morning trade it was seen trading around Rs 1,57,300.
Big fall in silver prices too
Along with gold, there was also a huge fall in the prices of silver. Silver for delivery on May 5 had closed at around Rs 2,59,435 per kg in the last session. As soon as the market opened, its price came to around Rs 2,55,101.
In early trade, the price of silver fell by more than Rs 5,000 to reach Rs 2,54,367 per kg. Later there was some improvement, but still the prices remained lower than the previous session.
impact of international market
The influence of the international market is also believed to be behind this fall in the prices of gold and silver. A slight decline was seen in the price of spot gold in the global market, which put pressure on the domestic market as well. Similarly, there was a decline in the international prices of silver, the effect of which was seen in the Indian market also.
Gold prices in major cities of the country
Delhi: 22 carat gold: Approximately Rs 1,17,192 per 8 grams, 24 carat gold: Approximately Rs 1,27,840 per 8 grams
Mumbai: 22 carat gold: Approximately Rs 1,17,072 per 8 grams, 24 carat gold: Approximately Rs 1,27,720 per 8 grams
Chennai: 22 carat gold: Approximately Rs 1,18,072 per 8 grams, 24 carat gold: Approximately Rs 1,28,808 per 8 grams
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