How did gold become cheaper by Rs 2500 in 10 days? Should you buy now or not – Why are gold prices falling, read the late

Jewelery buyers have got a big relief in the wedding season. There has been a sharp decline in gold prices in the last few days. In the last 10 days, gold has become cheaper by about Rs 2500. Heavy selling was seen in gold last week. The 5-week rally of gold futures contracts for expiry of June 2024 on MCX ended and gold fell by 3.35 percent i.e. Rs 2,472 per 10 grams from its record high of Rs 73,958 per 10 grams and closed at Rs 71,486 per 10 grams. Gold had touched its record high of 73,958 on April 12, 2024.

Gold on MCX is trading below Rs 72,300 per 10 grams today. Experts say that soon gold may touch the level of 70,500.

Gold prices also fell in the international market
A decline in the price of gold is also being seen in the international market. On Friday, gold was at $2,349.60 per troy ounce, which is about $100 per troy ounce or 4 percent less than the all-time high of $2,448.80 per troy ounce.

Why are gold prices decreasing?
Let us tell you that due to the increasing possibility of war between Israel and Iran, there was a huge rise in the prices of gold and silver, but now due to less possibility of war between the two countries, a decline in the prices of gold is being seen. . Apart from this, the prices of gold had also increased due to the possibility of reduction in interest rates, but now its possibility also seems less, due to this also a decline is being seen in the prices of gold.

Let us tell you that in the situation of geopolitical instability, people consider gold as a safe investment and like to invest in it, but now due to favorable situation, people are now turning to the equity market instead of gold.