Gold-Silver Rate Today: The shine of gold and silver has faded! Prices fall after bumper surge, know why the trend changed?

Gold-Silver Rate Today In India: Today, Thursday, May 14, a fall in the prices of gold and silver has been recorded in the commodity market. A day ago there was a strong rise in both the metals but now there is pressure due to profit booking by investors. Gold has become cheaper by Rs 1223 today and has reached Rs 1,61,027 per 10 grams, which had closed at Rs 1,62,250 on Wednesday.

The price of silver on MCX has also fallen by 1.2 percent to Rs 2,96,213 per kg. A big fall of Rs 4287 has been recorded in the price of silver today as it had closed at Rs 3,00,500 on Wednesday. According to market experts, this direct effect is visible due to huge profit booking by investors.

Price increased due to huge increase in import duty

The Indian government has recently increased the import duty on gold and silver from 6% to around 15%. The main objective of this big decision is to reduce bullion imports and increase foreign exchange reserves. Due to this decision, a huge rise was seen in both the precious metals on Wednesday. Along with the domestic market, there is huge weakness in precious metals in the global market too. Spot silver fell 0.9% to $87.18 an ounce while spot gold was at $4,688.43. Apart from this, American gold futures have also weakened by 0.2% to $ 4,695 an ounce.

direct impact of international events

Investors in the global market are eyeing the meeting between US President Donald Trump and China’s President Xi Jinping. Besides, important developments related to the Iran war are also continuously determining the direction of the commodity market. However, demand for safe investments still remains largely strong, leading to some buying. The latest economic data from America has also increased the concern of investors around the world. The biggest increase in producer prices in the last four years has been recorded in the month of April. This big figure indicates that severe inflationary pressure still exists in the American economy.

Also read: Share Market: Share market opening was strong, Sensex opened at 74947 and Nifty at 23530.

Effort to reduce pressure on rupee

Market experts clearly believe that investors are booking profits after Wednesday’s sharp rise. Due to the new decisions of the Government of India, continuous efforts are being made to reduce the pressure on the rupee. Amid rising inflation and uncertainty of interest rates, investors are considering gold and silver as safe investments.