In connection with the Raksha Bandhan festival, there is a decrease in the prices of gold and silver. Precious metal prices have fallen after a period of stability, dropping by 780 rupees for 10 grams of 24-carat gold and by 710 rupees for 22-carat gold over the last two days.
The reason cited for this decline is the rise of the dollar and the increase in bond yields. Similarly, silver prices are showing a slowdown. In Delhi, one kilogram of silver is selling for 100 rupees less, at 2,59,900 rupees. In other major cities such as Mumbai and Kolkata, the price remains the same.
On the Multi Commodity Exchange (MCX), the futures price for silver fell by 1500 rupees in the morning to 2,39,050 rupees. The price of gold on MCX decreased by 1100 rupees, reaching 157,842 rupees for 10 grams.
The drop in gold and silver prices is linked to global influences. There is strengthening of the US dollar, as well as an acceleration in bond yields, which puts pressure on the value of these metals. Furthermore, world prices have also affected the cost of gold and silver in India.