Gold and Silver Prices Drop Again: The Indian bullion market has once again come under pressure. Both gold and silver opened weak on Thursday morning, shaking investor confidence. The second consecutive day of declines has made it clear that precious metals are currently experiencing a period of uncertainty. Around 9:30 am, both gold and silver were trading with sharp losses on the Multi-Commodity Exchange (MCX).
Silver shatters expectations, suffers another sharp decline
Silver, which had already suffered a significant decline yesterday, September 17, remained weak today. At 9:33 am, silver fell by ₹864 per kg to ₹1,25,940 on the MCX. In early trading, it touched a low of ₹1,25,900 and a high of ₹1,26,614. The continued decline has further weakened investor confidence.
According to the Indian Bullion and Jewellers Association (IBJA), the price of silver was recorded at ₹1,29,300 per kg yesterday evening. This means that prices are fluctuating sharply in just one day, further increasing market volatility.
Gold also failed to shine, falling by ₹572 per 10 grams
Gold, considered a safe investment during economic instability, also failed to remain strong today. At 9:29 am, 24-carat gold on the MCX fell by ₹572 per 10 grams to ₹1,09,250. Gold recorded a low of ₹1,09,157 and a high of ₹1,09,425 per 10 grams today.
According to the IBJA’s report on the evening of September 17, the price of gold was ₹1,10,869 per 10 grams. Such a decline within a single day proves that the bullion market is currently under significant pressure.
Gold and silver prices in different cities
The impact of the decline was evident in cities across the country. In Patna, gold was selling at ₹1,09,440 per 10 grams and silver at ₹1,25,560 per kg. In Jaipur, gold was priced at ₹1,09,480 and silver at ₹1,25,610.
In both Kanpur and Lucknow, gold was recorded at ₹1,09,530 and silver at ₹1,25,660. In Bhopal and Indore in central India, gold was at ₹1,09,610 and silver at ₹1,25,760. In Chandigarh, gold prices were trading at ₹1,09,500 and silver at ₹1,25,700, while in Raipur, gold was trading at ₹1,09,460 and silver at ₹1,25,650.
Why are gold and silver falling?
Both global and domestic factors are responsible for the continued decline in gold and silver prices. Internationally, the US Federal Reserve’s tightening policies and cautious stance on interest rates have put pressure on the commodity market. The strengthening dollar is also dimming the luster of gold and silver.
In the country, investors are booking profits after the recent rally, pushing prices further down.
Opportunity or threat for buyers?
While this decline is a cause for concern for investors, it could also be a golden opportunity for ordinary buyers. The fall in gold and silver prices ahead of the festive season could bring relief to jewelry buyers. However, experts advise that it’s important to monitor the market closely, as the volatility hasn’t ended yet.
What’s the way forward?
Gold and silver prices have been falling for two consecutive days, indicating that the bullion market will remain under pressure. In the coming days, the dollar’s movement, statements from the US Federal Reserve, and global economic conditions will determine whether gold and silver will rise or fall further.
At present, it’s important for both buyers and investors to remain cautious. If the dollar strengthens further, the decline could deepen, but gold and silver could once again become safe havens in the event of any global crisis.