Gold and silver prices are plummeting across global markets, causing significant turmoil. From Europe to the UK, New York, and Mumbai, both precious metals have seen substantial declines. This sharp fall comes after gold and silver prices reached their. Peak levels on the last trading day of the previous week.
Key Reasons for the Decline
According to experts, a reduction in tariff tensions is a primary factor behind this downturn. A positive environment regarding tariffs has emerged between India and the US, while discussions between the US and China are also progressing. On top of that, a decrease in geopolitical tensions has visibly impacted prices. The reduced safe-haven demand and a decline in festive buying are also contributing to the fall in gold and silver rates.
Domestic Market Overview
On India's Multi Commodity Exchange (MCX), gold prices witnessed a fall of over Rs 650 on Friday. Gold dropped by Rs 641 to hit a low of Rs 1,23,463 per ten grams, after opening at Rs 1,23,587. Similarly, silver prices saw a massive decline of over Rs 2000, falling by Rs 2,012 to Rs 1,46,500 per kilogram during the trading session. By 9:45 AM, silver was trading at Rs 1,47,112 per kilogram, down by Rs 1,400.
International Market Performance
International gold and silver prices have also crashed. In New York's COMEX market, Gold Futures were trading down $16, while 50 at $4,129. 10 per ounce, while Gold Spot prices fell by $10. 22 to $4,116. 06 per ounce. Silver Futures on COMEX also dropped by nearly 1% to $48, while 27 per ounce. European and British markets similarly recorded significant drops in both gold and silver prices, reflecting the global trend.