Gold became cheaper by Rs 900 in 15 minutes, silver fell by Rs 1200

Gold And Silver Rates: Recently, there has been a big decline in the prices of gold and silver, which is affecting not only India but also foreign markets. After the opening of India's Multi Commodity Exchange (MCX), gold prices have fallen by Rs 900, while silver prices also fell by Rs 1200. According to experts, the strength of the dollar index and the developments in the US markets have a big hand behind this decline.

Fall in gold prices

On the first trading day of the month of December on MCX in India, a sharp decline was seen in the price of gold. Within 15 minutes of the opening of the Multi Commodity Exchange, gold prices fell by Rs 900. According to the data, the price of gold reached Rs 76,201 per ten grams during the trading session, while on Friday it was Rs 77,128 per ten grams. At 9.20 am, the price of gold fell by Rs 834 per ten grams to Rs 76,294 per ten grams.

Heavy fall in silver

Silver prices have also been affected. Silver prices on the Multi Commodity Exchange fell by Rs 1175 to Rs 90,034 per kg within 10 minutes. When the market closed on Friday, the price of silver was Rs 91,209 per kg, while after today's fall, it closed at Rs 90,555. At 9:20 am, silver prices fell by Rs 974 and it was seen at Rs 90,235 per kg.

Status of foreign markets

The prices of gold and silver continue to fall in foreign markets as well. Gold futures on Comex are trading at $ 2,648.50 per ounce, down by $ 33 per ounce. At the same time, gold spot prices are at $ 2,627.07 per ounce, down by $ 16 per ounce. In the European market, gold prices are trading with a marginal gain of 3 euros at 2,496.26 euros per ounce.

Silver prices are also falling in foreign markets. Silver futures on Comex are down 1.42 percent at $30.67 per ounce, while silver spot prices are down 1.28 percent at $30.23 per ounce.

What is the reason for the decline?

The main reason behind the falling prices of gold and silver is the strength of the dollar index. The dollar has risen since the victory of former US President Donald Trump, which is putting pressure on gold and silver prices. Apart from this, Trump has talked about increasing tariffs on some countries after taking oath, which may affect international trade.

This decline has not only affected the Indian markets, but similar decline in the prices of gold and silver is also being seen in foreign markets. Experts believe that if the dollar remains strong, then the prices of gold and silver may fall further in the coming time.

Conclusion

The recent fall in the prices of gold and silver reflects the volatility in the market. The prices of these metals may fluctuate due to the strength of the dollar and global developments. Investors are advised to be patient at this time and invest only after evaluating the market situation.