Mumbai, March 20: Precious metals experienced volatility on the last trading day of the week, Friday, amid escalating tensions in the Middle East. Significant declines in gold and silver prices were noted the previous day, Thursday.
According to data from the India Bullion and Jewellers Association (IBJA), the price of 999 purity gold reached ₹1,47,218 per 10 grams on Friday, down from ₹1,47,889 on Thursday. This marks a decrease of ₹671 in just one day.
In contrast, silver prices saw an increase. The price of 999 purity silver was ₹2,32,364 per kilogram on Friday, up from ₹2,29,873 per kilogram the previous Thursday. This represents an increase of ₹2,491 per kilogram in a single day.
It’s noteworthy that last Friday, the price of 999 purity gold was ₹1,58,399 per 10 grams, while silver was priced at ₹2,60,488 per kilogram. Over the past week, gold has seen a decline of over ₹11,100, while silver has dropped by more than ₹28,100.
On the Multi Commodity Exchange (MCX), significant fluctuations in gold and silver prices were observed. As of around 5:58 PM, gold for April delivery was trading at ₹1,46,824 per 10 grams, reflecting an increase of 1.29% or ₹1,870. Meanwhile, silver for May delivery was trading at ₹2,34,112 per kilogram, up by 1.15% or ₹2,652.
On Friday, gold for April delivery opened at ₹1,48,302, reaching a high of ₹1,48,457 and a low of ₹1,45,700 per 10 grams during the day. Silver for May delivery opened at ₹2,39,948, peaking at ₹2,40,000 and dipping to a low of ₹2,30,060 per kilogram.
Experts attribute the recent significant declines in gold and silver prices to instability in the global market caused by rising tensions in West Asia. Reports of potential conflict between the U.S. and Iran, fluctuations in the U.S. dollar, and changes in oil prices have contributed to this unstable environment, impacting precious metal prices.
My name is Narendra Jijhontiya. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including TECHNOLOGY, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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