Gold prices on the Multi Commodity Exchange (MCX) witnessed a sharp decline on Thursday, falling to Rs 1,45,000 per 10 grams. The precious metal dropped by Rs 1,200 from its previous close, tracking weak global cues and a stronger US dollar.
Silver Prices Plunge
Silver also saw a significant drop, with prices falling by over Rs 9,000 per kg on MCX. The white metal was trading at Rs 78,000 per kg, down from Rs 87,000 in the previous session. The decline was attributed to profit booking and reduced industrial demand.
City-Wise Gold Rates (per 10 grams)
- Delhi: Rs 1,45,500
- Mumbai: Rs 1,45,000
- Chennai: Rs 1,46,200
- Kolkata: Rs 1,45,300
City-Wise Silver Rates (per kg)
- Delhi: Rs 78,500
- Mumbai: Rs 78,000
- Chennai: Rs 79,200
- Kolkata: Rs 78,300
Market analysts said that the fall in gold and silver prices was in line with global trends, where the US dollar strengthened against major currencies, making commodities priced in the greenback more expensive for holders of other currencies. Additionally, expectations of a hawkish stance from the US Federal Reserve weighed on bullion prices.
Investors are advised to watch for further cues from international markets and domestic demand patterns before making fresh purchases. The next major trigger for gold and silver will be the release of US employment data and inflation figures later this week.
