New Delhi. The decline in gold and silver prices continues. Weakness was seen in the prices of both the precious metals on Wednesday also. There was a sharp fall in the prices of gold and silver during early trading in the futures market, although some improvement was also recorded later.
This decline in the market is being seen as a better opportunity for buyers. Especially for those people who were planning to buy gold or silver for a long time, the reduction in prices can provide relief.
Condition of gold and silver on MCX
There was a huge fall in August delivery gold during Wednesday morning trading on the Multi Commodity Exchange (MCX). In the first one hour, the price of gold went down by about Rs 2400. Later some recovery was seen in it. There was a big fall in the price of silver also. Silver for July delivery had fallen by more than Rs 4000 in early trade. However, later the decline reduced somewhat.
Gold price in major cities
According to Wednesday morning’s trading, the price of 24 carat gold was around Rs 1.44 lakh per 10 grams in major cities of the country. There was a slight difference in prices in big markets like Delhi, Mumbai, Kolkata and Chennai.
Pressure in international market also
There is pressure on gold and silver in the domestic market as well as globally. Weakness was recorded in the prices of both the metals in the international market. The strengthening of the dollar has affected the demand for gold. When the dollar strengthens, it usually puts upward pressure on the prices of commodities like gold, as it becomes more expensive for buyers in other countries.
Why are the prices of gold and silver falling?
According to experts, many reasons are responsible for the fall in gold and silver. The biggest reason among these is considered to be the strength of the dollar. Apart from this, global economic conditions and uncertainty regarding interest rates are also affecting the prices.
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