On Tuesday, prices for gold and silver saw a decline. On the MCX exchange, prices for both metals fell by more than 1 percent. Information on the prices of gold and silver in various karats in your city is provided.
A downturn in prices for gold and silver is being recorded in the commodity market. Silver with September futures lost 2400 rupees and is trading at a price of 235650 rupees per kilogram. Meanwhile, gold with October futures decreased by 890 rupees and is trading at a price of 155090 rupees per 10 grams.
The consequences of this drop may appear in the retail market on Wednesday, but today in cities from Delhi to Patna, there is an increase in prices for gold and silver. Information on the current prices of precious metals in different localities is presented.
In January of this year, the price of gold reached 1.93 lakh rupees, but it is now trading above 1.55 lakh rupees, which represents a decrease of approximately 38 thousand rupees. As for silver, it has become 1.85 lakh rupees cheaper than its record high of 4.20 lakh rupees per kilogram.
There are five main reasons for the fall in gold and silver prices. The first reason is profit-taking. The price drop occurred after a rise last week, which prompted sellers to take profits.
Another reason is the rise in US Treasury bond yields. When bond yields increase, the attractiveness of assets that do not provide regular interest, such as gold, decreases.
Furthermore, tensions between the US and Iran led Brent crude oil to exceed the 91 dollar per barrel mark. This has once again raised inflation concerns in the market.
The market is also concerned about what steps the US Federal Reserve will take regarding interest rates in the future.
