Gold-Silver Rate Today: Heavy fall in gold and silver prices, rates hit record low in 3 days

Gold-Silver Rate Today In India: A huge fall has been recorded in the prices of gold and silver in the Indian futures market today i.e. on Thursday. There has been a huge stir in the market due to the continuous strengthening of the US dollar and the strict policies of the Federal Reserve. The huge possibility of increase in interest rates at the international level has completely put a sudden break on the three-year long rise of gold. This record and shocking fall in gold prices is mainly due to this heavy selling and pressure.

Prominent market experts clearly say that this situation has arisen due to the strict stance of the Federal Reserve and the US-Iran war. Rising energy prices from the US-Iran war have fueled inflation and raised the prospect of interest rate hikes. Many big banks like Goldman Sachs and Deutsche Bank have significantly reduced their gold forecasts. Due to continuous heavy selling by gold related ETFs, this environment of huge fall in the prices of this precious metal is being seen.

price of 10 grams of gold

Today, a huge decline of Rs 1478 has been recorded in the price of gold on MCX. After this big fall, the price of gold has now come down to a low of Rs 1,407,00 per 10 grams. If we look at the data of the last three days, a huge fall of Rs 7482 has been recorded in the price of gold. Apart from this, from the all time high of Rs 1,93,096 it has become cheaper by Rs 52,396 due to which there is a lot of concern among the investors.

price of 1 kg silver

Along with gold, a huge fall of Rs 11298 in the prices of silver is also clearly visible today. After this huge fall on MCX, the price of silver has fallen to a significant level of Rs 210737 per 1 kg. A huge and huge fall of Rs 21728 has been recorded in the prices of silver for three consecutive days. At the same time, from the all-time high of Rs 420048, it has become cheaper by Rs 2,09,311, due to which its price has almost halved.

Dollar index and other reasons

The main reason for this huge fall in gold and silver is believed to be the rapid strengthening of the US dollar. The US dollar has strengthened by about 1 percent this week, due to which metals denominated in dollars have become expensive. Federal Reserve Chairman Kevin Wersh’s focus on inflation has raised the chances of the central bank adopting a more dovish stance. In the international market too, gold prices have fallen below the very important level of $3960 and silver at $60 per ounce.

Also read: Share Market Today: Great rise in the Indian stock market today, Sensex and Nifty made a strong start.

Great performance for three years

In the last three years, gold had given very strong and excellent returns to investors in double digits every year. During this period, the price of precious metal had more than doubled, due to which the confidence of investors had increased significantly. This bullish momentum completely stopped in late January when gold reached its new record high of $ 5600 an ounce. By the month of June, it has fallen by more than 20 percent from its previous high level, due to which there is a lot of disappointment in the market.