Gold fell 5% on MCXImage Credit source: ai generated
Gold-Silver Price Crash: The bullish storm that had been raging in the bullion market for the last few days suddenly came to a halt on Friday. If you were planning to buy gold or silver and were worried about rising prices, then today’s news may be a bit of a relief for you. After touching record high on January 29, there was chaos in the precious metals market on the morning of January 30. Both gold and silver have slipped badly on the Multi Commodity Exchange (MCX). The market which was touching the sky on Thursday, has seen strong profit booking today.
Heavy fall from record high
Both the metals witnessed a decline of more than 5 percent in early trading on MCX. On the morning of January 30, the price of gold on MCX fell by 5.55 percent to Rs 1,60,001 per 10 grams. This fall is also big because recently gold had made its all-time high of Rs 1,93,096. Today gold has become cheaper by about Rs 9,402.
At the same time, the prices of silver decreased by 4.18 percent and it fell to Rs 3,83,177 per kg. Within just one day, a huge decline of Rs 16,716 has been recorded in silver. Let us tell you that on Thursday itself silver had made a new record of Rs 4,20,048 per kg, but today’s profit booking pulled the prices down.
Softness in retail market also
Not only the futures market, but also the retail market has seen softness today. This could be an opportunity for common buyers. According to the data of bullion website, on January 30, gold fell by Rs 5,300 in the retail market and was seen trading at Rs 1,65,180 per 10 grams. At the same time, there was a big fall of Rs 23,360 in silver and it was seen at the level of Rs 3,79,130 per kg.
The turmoil in the international market has also put pressure on the Indian market. In the global market, spot gold fell 1.65 percent to $ 5,217 an ounce, which was at a record level of $ 5,594.82 a day earlier. Similarly, spot silver also slipped by 2.86 percent to $ 110 an ounce.
Disclaimer: This article is for information only and should not be considered as investment advice in any way. TV9 Bharatvarsha advises its readers and viewers to consult their financial advisors before taking any money-related decisions.