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Gold & Silver Prices Plummet: One-Month Lows Hit
16 Mar
Summary
- Gold and silver prices dropped for the fourth consecutive day.
- MCX gold and silver futures recorded a significant decline.
- Global spot gold prices saw a slight increase amidst volatility.
Gold and silver prices experienced a notable decline, marking their fourth consecutive day of falling rates. This trend has pushed gold prices to a one-month low, significantly below earlier record highs for the year.
On the Multi-Commodity Exchange (MCX), both gold and silver futures traded lower. Gold futures for the April 2 contract dropped by Rs. 1,894, while silver futures for the May 5 contract saw a decrease of Rs. 4,422. This pressure was also observed in major Indian cities.
In Chennai, Bengaluru, and Hyderabad, gold prices fell across 24-carat, 22-carat, and 18-carat purity levels. Silver prices in these cities also nosedived, with significant drops reported for kilograms and grams.
Globally, spot gold prices inched up slightly by 0.1%. However, broader market sentiment suggests volatility, with geopolitical events potentially impacting energy prices and inflation. This has lowered expectations for interest rate cuts by major central banks, a factor that typically weighs on non-yielding precious metals.
