Gold Silver Prices: Silver became cheaper by Rs 1800, gold price also fell, check latest price…

Business Desk – Gold and Silver Price Today: A fall in the prices of gold and silver was seen in the national capital on Monday. Silver became cheaper by Rs 1,800 to Rs 2.45 lakh per kg. At the same time, gold fell by Rs 300 to Rs 1.55 lakh per 10 grams. Bullion market will remain closed on Tuesday on the occasion of Dr. Babasaheb Ambedkar Jayanti.

Silver fell by almost 1%

According to All India Bullion Association, silver prices fell by Rs 1,800 or about 1%, taking it to Rs 2,45,200 per kg (including tax). Earlier, on Friday it had closed at Rs 2,47,000 per kg. 24-carat gold fell by Rs 300 to Rs 1,55,000 per 10 grams. In the previous session, it was trading at Rs 1,55,300 per 10 grams.

main reason for decline

According to HDFC Securities analyst Saumil Gandhi, the talks between America and Iran over the weekend did not yield any concrete results. Due to this the market environment cooled down. There was downward pressure on gold and silver prices. He told that after this news, both the US dollar and bond yields saw a rise. As a result, selling pressure increased in the precious metals sector.

Pressure in global markets too

A fall in the prices of gold and silver was also recorded in the international markets. Spot silver fell 2.09% to $74.31 an ounce. At the same time, gold fell by $25.92 to $4,722.26 per ounce.

Effect of profit booking

According to Jatin Trivedi of LKP Securities, there were also reports that America may deploy military forces to protect the Strait of Hormuz and possibly close this route completely. Due to this, investors started profit booking, which later had an impact on gold prices. However, after the initial fall, there was a slight recovery in prices and gold climbed back above the $4,700 level.