Gold and silver prices crash on Muhurat trading day, silver becomes cheaper by up to ₹9,500
On the occasion of Diwali, gold and silver prices crashed during the Muhurta trading of the country’s futures market Multi Commodity Exchange. Where a decline of about 3 percent was seen in the prices of gold. On the other hand, the price of silver became cheaper by about Rs 9500 within a few minutes. If experts are to be believed, profit making in silver has started. On the other hand, trade talks are going on between America and China. Apart from this, interest rates may be cut by the Fed in the coming days. Due to which a decline is being seen in both gold and silver. Apart from this, the effect of reduced festive demand is also becoming visible. Recently, Hindustan Zinc, the country’s largest silver producing company, has estimated that the price of silver may remain at 54 to 55 dollars per ounce by the end of the year. Let us also tell you what kind of prices of gold and silver are being seen on the Multi Commodity Exchange.
Big fall in gold prices
A big fall was seen in the prices of gold on the country’s futures market Multi Commodity Exchange. During the trading session, gold prices saw a fall of Rs 3,724 per ten grams and the prices have come down to the day’s low of Rs 1,26,900 per ten grams. The special thing is that the price of gold has fallen from life time high to Rs 5,394 in the futures market. However, at 2:30 pm, gold fell by Rs 2,273 to Rs 1,28,351. However, on the day of special trading, gold opened with a fall at Rs 1,28,200. Whereas a day earlier i.e. on a normal day, gold had closed at Rs 1,30,624.
Silver also crashed
On the other hand, the prices of silver are falling more than gold. On the country’s futures market Multi Commodity Exchange, silver prices fell by Rs 9,479 per kg to Rs 1,48,508 per kg. Whereas silver had made a life time record of Rs 1,70,415 per kg on Friday. This means that since then, silver prices have fallen by Rs 21,907 per kg. However, on the day of special trading, silver opened with a fall at Rs 1,54,951. Whereas earlier the price of silver had closed at Rs 1,57,987 per kg. At 2:35 pm, the price of silver has fallen by Rs 7,336 to Rs 1,50,651.