Gold Rate: Gold and silver prices have decreased for 10 consecutive days… Know why the prices decreased?

The wedding season is a big relief for jewelery buyers. A huge fall in the price of gold has been seen in the last few days. In 10 days, 10 grams of gold has become cheaper by about Rs 2500. On Friday, gold prices were seen falling on MCX, but silver prices fell by Rs 20. There was an increase of 6. Now the price of silver on MCX is Rs 82,500.

A big fall has been seen in the prices of gold and silver on MCX during the last 10 days. On April 16, the price of gold had reached close to Rs 74 thousand per 10 grams, but since then the price of gold has been continuously falling. Gold has now come to Rs 71486 per 10 grams. In such a situation, gold has become cheaper by Rs 2500 per 10 grams. This is the gold price for June 5 futures.

Silver became so cheap!

Similarly, the price of silver has also declined. On April 16, 2024, the silver price of June futures was above Rs 85,000 per kg, while today the gold price on MCX fell to Rs 82,500 per kg. In such a situation, the price of silver has also fallen by Rs 2500 per kg.

Gold prices also fell in the international market

The spot price of gold in the global market was at $2,349.60 an ounce, about $100 per troy ounce or 4 percent lower than the all-time high of $2,448.80 per troy ounce. The reason for the fall in the international market is the heavy profit-booking that took place last week.

Why did gold prices fall?

At present, as the fear of war between Israel and Iran increased, the yellow metal increased rapidly to near 74 thousand, but as the fear of war reduced, the price continued to fall. At the same time, gold prices are falling due to the end of expectations of rate cut by the US Federal Reserve. Experts say that the price of gold can reach close to Rs 70 thousand per 10 grams.