Gold Price: In India, there has been a significant increase in gold prices during past some time, but in the past trading week, there has been a substantial decrease in gold prices. Gold on the Multi Commodity Exchange of India Limited (MCX) market has become cheaper by up to 2,500 rupees within the last 10 days. Silver prices have also seen a significant decline in the past 10 days, with a reduction of up to 2,500 rupees during this period.
Gold had reached up to 74,000 rupees per 10 grams on April 16
In the last few days in India, there has been a significant decrease in the price of gold, but on the last business day of the week, gold closed at 71,486 rupees per 10 grams, up by 272 rupees. Gold had reached up to 74,000 rupees per 10 grams on April 16, but now it has dropped to 71,486 rupees. Thus, the price of gold has decreased by up to 2,500 rupees in the last few days.
Silver Prices Also Decreased
Not only gold but also silver prices have seen a significant decline in the last 10 days on the MCX. On April 16, 2024, silver prices were around 85,000 rupees per kilogram, which has now fallen to around 82,500 rupees per kilogram. Consequently, silver has become cheaper by up to 2,500 rupees.
Gold and Silver Prices in the International Market
Not only in the Indian market but also in the international market, there has been a decrease in gold and silver prices. Gold futures on COMEX are currently at $2,349.60 per ounce on the last trading day. Meanwhile, gold had reached an all-time high level of $2,448.80 per ounce at one point. Thus, gold has become cheaper by up to 4% from its highest level.
Why Have Gold Prices Fallen?
Lately, worries surrounding the Iran-Israel conflict have diminished. Consequently, investors are now buying less gold compared to before, which is impacting gold prices. According to experts, there could be further declines in gold prices in the coming days, possibly down to 70,000 rupees per 10 grams.
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