A lot of activity is being seen in the Indian Bullion and Futures Market (MCX) these days. The sudden fall in the prices of silver and gold, which were skyrocketing for the last few days, has shocked both investors and buyers. Especially the huge fall in silver prices remains a topic of discussion. Silver, which had crossed ₹ 2,54,000 per kg on the Multi Commodity Exchange (MCX) just five days ago i.e. on April 20, has now registered a huge fall. As per current data, the price of silver has fallen to ₹2,44,321 per kg. This means that in less than a week, the prices of silver have fallen by a huge amount of ₹ 9,679 (about ₹ 10,000).
Gold prices also softened
Along with silver, the prices of gold have also come down, which has brought some relief to the buyers during the wedding season. On April 20, gold on MCX had crossed the level of ₹1,54,000 per 10 grams. However, according to the latest update, gold prices have now come down to ₹ 1,52,700 per 10 grams. Thus, a decrease of about ₹ 1,300 per 10 grams has been seen in gold also.
Why are prices falling?
Market experts believe that the prices of precious metals have fallen due to the strengthening of the dollar globally and profit booking at higher levels. Apart from this, reports of slight stability in international geopolitical tensions have also forced investors to move money out of gold and silver as safe haven investments.
What is the signal for buyers?
If you are planning to buy jewelery or want to invest in silver, this fall could be an opportunity for you. However, market experts say that due to global cues, further fluctuations may be seen in prices.
