gold silver price fall after budget
Gold Silver Price Fall : Gold and silver prices are falling rapidly after hitting record highs. Gold and silver prices fell rapidly for the second consecutive day on Sunday. Silver entered the lower circuit on Sunday and fell by 26,273 (9%) to 2,65,652 per kg. Apart from silver, gold prices also fell by 3% to 1.47 lakh per 10 grams on Sunday. Profit-booking is being cited as the main reason for the decline in gold and silver prices. Investors have made huge profits by selling gold and silver at higher prices. 24-carat gold has fallen by Rs 9,050 per 10 grams. In Bhubaneswar, 24-carat gold is priced at Rs 1,51,530 per 10 grams. 22-carat gold prices fell by Rs 8,300 per 10 grams.
Silver has fallen by Rs 20,000 per kg. Today, silver prices are at Rs 3 lakh per kg. Silver prices had touched a high of Rs 4 lakh 25 thousand per kg on January 29.
Silver also fell by 27 percent on Friday
At the Multi Commodity Exchange (MCX), silver for March delivery fell by Rs 26,273 (9 percent) to close at its lower circuit of Rs 265,652 per kg. On Friday, silver fell by Rs 107,968 (27 percent) to close at Rs 291,925. Thus, silver prices have fallen by Rs 134,241 or 33.6 percent in the last two days. On a weekly basis, silver has fallen by Rs 69,047 or about 21 percent from Rs 334,699 per kg on January 23.
Gold price falls by Rs 44,992 in two days
There was no major announcement directly related to gold and silver in the budget, but gold and silver prices have fallen sharply in the commodity market after the budget. Silver has reached a record high of around Rs 1.54 lakh on MCX, while gold has also fallen to Rs 1.43 lakh. However, the decline in gold and silver prices (gold silver price crash) has continued for the last three days. What is the price of 24-karat gold, and what are the experts’ views on the new environment after the budget? If you are planning to buy gold or silver today or are thinking of investing, here you will get real-time updates on gold and silver rates.
Gold and silver prices are going to fall further
Pranab Mere, Vice President, Commodity and Currency Research, JM Financial Services Limited, said that excessive momentum leads to price decline. “In the domestic market, gold is down 20 percent from its lifetime high and silver is down about 37 percent from its all-time high amid heavy selling on Sunday,” he said. Regarding the prospects for gold and silver, Meir said, “We could see more technical corrections in the next few trading sessions, after which prices could recover slightly and stabilize.”
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