Gold Price Today 16 February: There has been a huge fall in the price of gold, know how is the condition today…!

Gold Price Today 16 February | Gold Rate Today | Today’s Gold Price: Gold and silver prices declined on Monday. According to bullion market data, the price of silver decreased by Rs 7,940 and reached around Rs 2.38 lakh per kg. At the same time, gold became cheaper by Rs 1,250 and came to the level of around Rs 1.55 lakh per 10 grams. There was a stir in the market due to this softening of prices.

What was the price on MCX?

In the last trading session on Multi Commodity Exchange of India (MCX), there was a rise in silver with March expiry. It increased by Rs 7,280 or about 3.08 percent and closed at Rs 2,43,715 per kg.

Similarly, gold with April expiry closed at Rs 1,55,655 per 10 grams with an increase of Rs 2,819 or 1.84 percent. After the recent rise, there is a buying trend in the market, but due to high prices many buyers are still exercising caution.

position in the international market

A slight decline was seen in the global market on 16 February. Spot gold fell by about 0.27 percent to $ 5,033 an ounce during Asian trading. There was a decline of more than 2 percent in spot silver and it was seen trading around $ 76.34 per ounce.

At the end of last month, gold had reached above $ 5,600 an ounce. However, due to sharp selling in early February, prices slipped below $4,500. At present, amidst the fluctuations in the market, gold has recovered some part of its losses.

reason for fluctuations

Experts say that America’s Consumer Price Index (CPI) data has declined by 0.2 percent during January. This has reduced the concern about inflation to some extent. Also, the possibility of cutting interest rates by the Federal Reserve has also strengthened.

Generally, when interest rates are low, demand for investment instruments like gold and silver which do not earn interest may increase. This is the reason why the impact of international signals is clearly visible on the domestic market also.

What next?

At present, the trend of rising and falling prices of gold and silver is going on. Both investors and buyers are cautious about the direction of the market. In the coming days, international economic signals and decisions of central banks may decide the movement of prices.

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