Gold and silver prices fell sharply, falling by ₹6,000; find out what the price of 24-carat gold is today:

Read, Digital Desk : Gold and silver prices drop sharply by 6,000-know today’s rate of 24 carat gold: The commodity market saw sharp fall early this week. On Monday, prices of both gold and silver drew investors and buyers’ interest. The prices of gold and silver were seen to drop sharply on Monday. Both gold and silver were trading under pressure on Multi Commodity Exchange (MCX). Significantly, the rate of silver was down by over 6,000 in a day and gold by nearly 2,000. The decline in price of the precious metals is seen as a good sign for buyers looking to invest in gold. Prices of gold and silver on MCX On Monday morning, 10 grams of gold traded near 1.54 lakh on MCX, a dip of around 2,000 compared to the last trading day.Silver prices were seen to have declined sharply by close to 2.41 lakh per kg. The bearish sentiment in the international market and shift in investors strategy was clearly visible on domestic market too. Pressure in the international market too: For the second consecutive day, prices of gold have dipped in the global market. The spot gold price stands near $4,321 per ounce. Before this, the prices of gold had witnessed a significant dip and have touched a multi-week low. Gold futures in the US market too witnessed weak sentiment from investors. Why are the prices of gold and silver decreasing? 1. Better US employment data: The improved data on the employment front in the US has boosted the investor sentiment. This has increased the possibility of the US Federal Reserve continuing to maintain the high interest rate regime for an extended period. 2. Investor sentiment has shifted: investors are moving towards other assets instead of gold as a safe haven as they fear interest rates will continue to rise. 3.Oil prices fuel concern: Rising tension in the Middle East are fueling a spike in crude oil prices. This would hint at the prospect of inflation in other commodities, leading more central banks to adopt tightening monetary policy around the world.