gold price drop
Gold Price Fall: Gold Becomes Cheaper By Rs 5500 : A big drop is being seen in the price of gold and silver in the multi-commodity market. 24 carat gold has become cheaper by Rs 5500 from its record high level. It is believed that there is a possibility of a further drop in the price of gold.
After going above 1 lakh rupees, now gold has started falling again. In just a few days, the price of yellow metal has fallen sharply. As the stock market is becoming stable, the price of gold is falling. Gold has become cheaper by about 5500 rupees in a few days.
Gold prices on MCX have fallen by 5% or Rs 5,448 per 10 grams from its all-time high. On Friday, yellow metal prices fell by Rs 1457 per 10 grams as risk sentiment declined amid a rise in the stock market and gold reached Rs 95,630 per 10 grams.
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On June 16,
the price of gold had reached a record high of Rs 1,01,078 on MCX. Since then, the yellow metal has fallen by 5%. It took 11 days for the price to fall by Rs 5500 per 10 grams. On the other hand, if we talk about silver, it has become cheaper by Rs 1929 today. The price of 1 kg gold on MCX has reached Rs 105968 per kg. A few days ago, it had crossed Rs 1 lakh 10 thousand.
Why is gold and silver becoming cheaper?
Gold prices have fallen after US President Donald Trump announced the end of the Iran-Israel war. Due to tensions in the Middle East, the commodity market was high and gold and silver prices were making records, but now with the end of the war, stability has returned to the market and gold and silver prices have started falling again.
The decline may stop soon
Aksha Kamboj, Vice President of India Bullion and Jewelers Association and Executive Chairman of Aspect Global Ventures, said that gold prices are headed for a decline due to easing of geopolitical tensions in the Middle East and optimism about upcoming trade agreements, which has reduced the demand for safe-haven assets. The risk mood of the market has kept pressure on bullion. However, continued purchases by the central bank and the festive season can reduce this decline.
According to IBJA, today the price of 24 carat gold
is Rs 95784 per 10 grams. The price of 23 carat gold is Rs 95400, and the price of 22 carat gold is Rs 87738 per 10 grams. Apart from this, the price of 18 carat gold is Rs 71838 per 10 grams. The price of 1 kg silver is Rs 105193.
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