Gold and Silver prices plummet: Gold drops Rs 1,900, silver falls Rs 4,000 in an hour amid market sell-off
Mumbai (The Uttam Hindu): A potential delay in interest rate cuts by the US central bank, the Federal Reserve, and a strengthening dollar index have sent shockwaves through global markets. Gold and silver prices saw a tsunami-like decline from New York to Mumbai.
Gold and silver prices plunged as soon as the domestic futures market (MCX) opened on Tuesday. Within an hour, gold prices fell by more than 1,900 rupees, while silver lost more than 4,000 rupees. Gold also fell to $66 per ounce in foreign markets.
According to market experts, changing conditions in the US economy, easing tensions over tariffs, and signs of a delay in interest rate cuts by the Federal Reserve have reduced demand for gold as a safe-haven investment. Experts believe prices may see further declines in the coming days.
Silver has fallen by more than 11,000 rupees in three days
If we look at the data, this is the third consecutive day of significant decline in silver prices. Three days ago, silver prices were at ₹1,62,470. Since then, silver has fallen by ₹11,220 per kilogram. Meanwhile, from its lifetime high (₹1,70,415), silver has fallen by ₹19,165.
Gold also fell by more than ₹5,700
This is the third consecutive day of decline in gold prices. So far, gold prices have fallen by ₹5,751 per ten grams. Gold has fallen by ₹11,294 from its lifetime high.
Gold prices in the futures market (MCX)
At 10:15 am, gold prices fell sharply by Rs 1,719 to trade at Rs 1,21,208 per ten grams on the Multi Commodity Exchange (MCX), the country's futures market. However, during the trading session, gold fell by Rs 1,927 to reach an intraday low of Rs 1,21,000. A day earlier, gold had closed at Rs 1,22,927.
Silver prices also fell on the MCX. At 10:20 am, silver was trading at ₹1,51,694 per kg, down ₹3,618. During the trading session, silver fell by a massive ₹4,062 to hit a day's low of ₹1,51,250. A day earlier, silver had closed at ₹1,55,312.