Gold and silver prices are showing a steady decline due to the fall in the price of crude in the global market and the return of enthusiasm in the stock markets.
On Tuesday, gold on MCX opened with a weakness of Rs 244 and came close to the rate of Rs 52 thousand per 10 grams.
Gold and silver became cheaper in the Indian market on Tuesday due to the fall in the rate of gold in the global market. Today, on the Multicommodity Exchange (MCX), the price of gold fell by Rs 325. In the last five days, the price of gold has fallen by Rs 3,500 (Gold Price Down).
At 9.10 am on MCX, the futures rate of 10 grams of gold was reduced by Rs 325 to Rs 51,999. There has been a steady decline in the price of gold for the last few days.
The rate of silver on MCX also decreased by Rs 561 and in the morning silver was selling at Rs 68,283 per kg. Last week, the price of gold on MCX had reached Rs 55,600 per 10 grams. In this way, the prices have come down by Rs 3,500 in just five days.
The yellow metal also softened in the global market
There was a fall in the spot prices of gold and silver in the global market on Tuesday morning. Silver fell by about $ 0.7 to $ 25.11 an ounce. Similarly, the spot price of gold also reached $ 1,951.09 per ounce. Last week, the rate of gold in the global market had also crossed $ 2,070 an ounce.
that’s why gold is getting cheaper
Weakness is being seen in gold and silver at the global level due to the increase in the hope of ending the war between Russia and Ukraine. Crude prices have also come around $ 100 per barrel, due to which the stock markets around the world are returning fast and investors are investing money in the market instead of gold.
On the other hand, the US Fed Reserve is expected to raise interest rates in the meeting starting today. Due to these reasons, the prices of gold and silver are falling continuously.
