Gold and silver prices have fallen before Karwa Chauth. On MCX, gold became cheaper by up to ₹1,339, reaching ₹1,22,111 per 10 grams, and silver dropped by ₹6,382 to ₹1,43,900 per kilogram. This decline was observed due to profit-booking by investors, while gold and silver prices also decreased in foreign markets.
Gold and silver price: A significant drop in gold and silver prices has been observed in the country's futures market before Karwa Chauth. On MCX, gold fell by ₹1,098 during the trading session to ₹1,22,111 per 10 grams, and silver decreased by ₹5,955 to ₹1,43,900 per kilogram. This situation arose due to profit-booking by investors and a decline in the dollar index. Gold and silver prices also weakened abroad, impacting the domestic market.
Fall in Gold Prices
Due to a drop in gold prices on the Multi Commodity Exchange, gold became cheaper by up to ₹1,098 during the trading session, reaching ₹1,22,111 per ten grams. A day earlier, gold prices had closed at ₹1,23,209. On Wednesday, gold had reached a record high of ₹1,23,450. Considering this, gold became cheaper by up to ₹1,339 on Thursday.
Experts state that this change is due to a slight dip in gold prices in the international market and profit-booking by investors domestically. Despite a decline in the dollar index, gold prices could not fully capitalize on the gains.
Drop in Silver Prices as well
A drop was also observed in silver prices. On MCX, silver fell by up to ₹5,955 during the trading session, reaching ₹1,43,900 per kilogram. At 11 AM, silver prices were trading at ₹1,48,968, a drop of ₹887. A day earlier, silver was at ₹1,50,282 per kilogram. Thus, there was a total decrease of ₹6,382 in silver prices.
According to experts, the decline in silver prices is due to profit-booking and a slight drop in the international market. Investor activities have directly impacted the domestic market.
Gold and Silver in Foreign Markets
Gold prices also declined in the international market. Gold futures on Comex were trading at $4,055.10 per ounce, down by $15.40. Gold spot prices reached $4,036.19 per ounce. In Europe, gold prices fell by 10 Euros to 3,465.67 Euros per ounce. In the UK, gold prices also dropped by 7 pounds per ounce, trading at 3,008.25 pounds.
Meanwhile, a mixed trend is visible in international silver prices. Silver spot reached $49.13 per ounce, an increase of 0.42 percent. Silver futures prices are down by over 1 percent at $48.47 per ounce. A slight increase in silver has been observed in Europe and the UK. In Europe, silver rose by 0.32 percent to 42.1632 Euros, and in the UK, it rose by 0.32 percent to 36.5865 pounds per ounce.
Reasons for the Decline
Experts believe that the main reasons behind the drop in gold and silver prices are profit-booking by investors and a slight dip in the international market. There has been no significant change in geopolitical and trade tensions. Despite a fall in the dollar index, a slight decline in gold and silver was observed in the domestic market.
Investors are currently taking advantage of the fluctuations in gold and silver prices before Karwa Chauth. The decline from record highs has provided some relief to investors.
