Hello friends If you’re keeping an eye on gold and silver prices, today’s update might come as a surprise. The prices of gold and silver in India have seen a significant drop, leaving many investors and buyers wondering what’s causing this sudden dip. Let’s break it down in simple terms!
Gold Prices Take a Hit
Today, the price of gold in India has fallen drastically. For 22-carat gold, the cost has dropped by Rs 5,000 per 100 grams, bringing it down to Rs 7,96,000 from yesterday’s Rs 8,01,000. Similarly, the price of 24-carat gold has fallen by Rs 5,400 per 100 grams, making it Rs 8,68,400 compared to Rs 8,73,800 yesterday. If you’re looking at 10 grams, the prices are also down – 22K gold is now at Rs 79,600, while 24K gold is at Rs 86,840.
So, why is this happening? The main reason is the strengthening of the U.S. dollar, along with rising Treasury yields. These factors tend to put pressure on gold prices worldwide. Another big player in the game is the anticipation of the U.S. Personal Consumption Expenditures (PCE) data, which influences global inflation expectations. As investors await this key economic indicator, the gold market remains under pressure.
Silver Prices Are Falling Too
It’s not just gold silver prices have also taken a hit. Today, silver is priced at Rs 97,000 per kilogram, which is Rs 1,000 lower than yesterday’s Rs 98,000. For those who buy in smaller quantities, 10 grams of silver now costs Rs 970 instead of Rs 980, while 100 grams will cost Rs 9,700 compared to Rs 9,800 yesterday. This drop in silver prices aligns with international trends, as market conditions and the U.S. dollar continue to impact the commodities sector.
International Gold and Silver Market
The global market is seeing similar trends. According to Reuters, U.S. gold futures have dipped by 0.3% to $2,886.80, while spot gold is trading at $2,874.69 per ounce. On the other hand, platinum and palladium have slightly strengthened, but silver continues to remain volatile.
What’s Next for Gold and Silver Prices
Analysts suggest that gold prices may continue to trade within a range, with possible fluctuations. The technical outlook shows that MCX Gold has been in a sideways trend for several sessions. If gold prices break below the Rs 84,600 level, we could see further declines. However, traders and investors are still actively buying at lower levels, which might support the prices from falling too much.
If you’re planning to buy gold or silver, this price drop might be a good opportunity. However, given the market’s volatility, it’s always best to keep an eye on trends before making any investment decisions. Whether you’re a trader, investor, or simply someone looking to buy jewelry, staying updated with market movements can help you make smarter financial choices.
