Gold and silver prices extended their decline on Friday, with both precious metals trading lower in the MCX market. Silver has lost more than ₹12,600 over 2 days, while gold has fallen by more than ₹2,000 during the same period.
On MCX, gold was down by about ₹1,200 at ₹150,695 per 10 grams. Silver declined by ₹2,600 to ₹2,30,270 per kilogram. The latest fall follows another sharp drop on Thursday, when silver lost more than ₹10,000 and gold fell by ₹1,200.
International market pressure
The weakness was also visible in global bullion prices. Gold fell 1.32% to $4,401.74 per ounce, while silver declined 5.45% to $64.908 per ounce. The international movement added pressure to prices in Indian markets.
Why gold and silver are falling
Stronger US inflation data has raised expectations that the Federal Reserve could increase interest rates. Expectations of a rate hike have reached 80%, putting pressure on gold and silver prices.
Higher interest-rate expectations can affect demand for precious metals in financial markets. The dollar has also strengthened, while geopolitical tensions have pushed crude oil prices higher. Brent crude oil has reached $108 per barrel.
Profit-taking is another factor cited for the decline in precious-metal prices. The combination of weaker international bullion prices, a stronger dollar and higher crude prices has kept pressure on the domestic market.
What the latest prices mean
The fall has affected both major precious metals, but silver has recorded the sharper short-term decline. Its drop of more than ₹12,600 over 2 days comes alongside a 5.45% fall in international trading, while gold has also moved lower after the latest US inflation data.
Conclusion
Gold and silver prices remain under pressure as US inflation data boosts expectations of a Federal Reserve rate hike, while a stronger dollar and higher crude oil prices add to market concerns.
Frequently Asked Questions
Q. How much has silver fallen in 2 days?
Silver has declined by more than ₹12,600 over 2 days.
Q. What was the MCX gold price on Friday?
MCX gold was trading at ₹150,695 per 10 grams after falling by about ₹1,200.
Q. What was the MCX silver price on Friday?
MCX silver stood at ₹2,30,270 per kilogram after losing ₹2,600.
Q. How much did international silver prices fall?
International silver prices dropped 5.45% to $64.908 per ounce.
Q. Why are gold and silver prices under pressure?
Stronger US inflation data, increased expectations of a Federal Reserve rate hike, a stronger dollar and higher crude oil prices are weighing on the metals.
Q. What is the latest Brent crude oil price mentioned?
Brent crude oil has reached $108 per barrel.
