Gold prices are falling for the third consecutive day.
There was an earthquake in gold prices from New York to Mumbai due to the delay in possible interest rate cut by the US Central Bank Federal Reserve and increase in the dollar index. The special thing is that in the trading session of about one hour, a fall of more than Rs 1900 was seen in the prices of gold. On the other hand, in foreign markets too, gold prices are falling by $66 per ounce. On the other hand, a decline of more than Rs 4 thousand is being seen in the price of silver.
If we look at the data, a decline of more than Rs 11 thousand has been seen in the prices of silver in three consecutive days. According to experts, the changing conditions of the US economy, decreasing tension regarding tariffs and the delay in cutting interest rates by the Fed may lead to a decline in the demand for gold. The effect of which can be seen even more in the prices of gold in the coming days. Let us also tell you what the price of gold has become in the futures market of the country.
Big fall in gold prices
A big fall is being seen in the prices of gold in the country’s futures market Multi Commodity Exchange. According to the data, at 10:15 am, the price of gold fell by Rs 1,719 to Rs 1,21,208 per ten grams. Whereas during the trading session, the price of gold fell by Rs 1,927 and reached the day’s lower level of Rs 1,21,000. However, gold opened at Rs 1,22,121, whereas a day earlier gold had closed at Rs 1,22,927.
By the way, the price of gold is falling for the third consecutive day. During this period, gold prices have come down by Rs 5,751. If we look at the prices from life time high, the price of gold has come down to Rs 11,294. If experts are to be believed, there may be a further decline in gold prices in the coming days.
Silver prices crashed
Silver prices were also seen falling on the country’s futures market Multi Commodity Exchange. If we look at the data, at 10.20 am, silver is trading with a fall of Rs 3,618 in the futures market and the price has come down to Rs 1,51,694. Whereas during the trading session, the price of silver fell by Rs 4,062 and reached the day’s lower level of Rs 1,51,250. However, silver opened with a fall at Rs 1,52,948. Whereas a day earlier the price of silver had closed at Rs 1,55,312 per kg.
The special thing is that three days ago the price of silver was seen at Rs 1,62,470. Since then, a fall of Rs 11,220 has been seen in the prices of silver. However, silver prices had appeared at a life time high of Rs 1,70,415 a month ago. Since then the price of silver has decreased by Rs 19,165 per kg.
Decline in foreign markets also
A big fall is being seen in the prices of gold and silver in foreign markets. If we look at the data, in the Comex market of New York, Future Gold is trading at $ 4,009.20 with a fall of about $ 66 per ons. On the other hand, the price of gold spot is trading at $ 4,008.79 per ounce with a fall of $ 36.17. While silver future prices are trading at $49.37 per ons with a fall of 2.61 percent and silver spot prices are trading at $49.60 per ons with a fall of 1.22 percent.
What are the experts saying?
Augmont – Head of Research at Gold for All. Renisha Chainani said in the media report that gold is currently at an important level. He said that if gold prices sustain above $4,150, we are likely to see a continuation of the bullish trend; If prices sustain below $4,050, we could see a correction towards the previous low around $3,900. This week’s failed attempt to rise above $4,200 an ounce has created an environment of short-term recession. Chainani further said that uncertainty regarding the US economy, tariffs and the Fed’s next move will keep price volatility limited in the short term.
He told that more fluctuations are being seen in silver. He said that after touching the resistance level above $54, there is fresh selling pressure on silver. Although silver has recovered from last month’s huge fall of 16 percent, the market has made a double peak. I will take a completely negative stance only if the price closes below $50. A break below $47 will confirm the double top and set a target of $44.