New Delhi, March 9: Gold and silver prices saw a decline on Monday, marking the fourth consecutive day of falling rates for both precious metals.
According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold has decreased slightly by ₹77, bringing it down to ₹1,58,674 per 10 grams from ₹1,58,751 per 10 grams.
The price of 22-carat gold has also dropped, now standing at ₹1,45,345 per 10 grams, down from ₹1,45,416 per 10 grams. Meanwhile, 18-carat gold is now priced at ₹1,19,006 per 10 grams, a decrease from ₹1,19,063 per 10 grams.
Silver prices have fallen by ₹667, now at ₹2,60,056 per kilogram, down from ₹2,60,723 per kilogram.
Experts attribute the decline in gold and silver prices to rising inflation due to the ongoing Israel-Iran conflict, which has reduced the likelihood of interest rate cuts—previously a significant driver behind the rally in precious metals.
Jatin Trivedi from LKP Securities noted that internationally, gold is hovering around $5,100 per ounce with signs of weakness. The ongoing war in the Middle East poses a risk of increased inflation, which may lead the Federal Reserve to be cautious about cutting interest rates. This situation has limited the potential for a rally in precious metals.
He further mentioned that in the coming days, gold on the MCX may range between ₹1,58,000 and ₹1,64,000, with global events likely determining the movement of gold prices.
International markets have also reported declines in gold and silver prices. As of the time of writing, gold on COMEX was down 0.79% at $5,117 per ounce, while silver was down 0.21% at $84 per ounce.
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My name is Bhupendra Singh Chundawat. 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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