The trend of decline in the prices of gold and silver continued today and the price of the yellow metal further decreased under the pressure of the global market. On MCX, gold is approaching 50 thousand, while the price of silver is running around 62 thousand.
New Delhi. On the second day of Akshaya Tritiya, there was a sharp fall in the prices of gold and silver. Gold once again seems to be approaching the price of 50 thousand, while silver is trading around 62 thousand.
On the Multicommodity Exchange (MCX), the futures price of 24 carat purity fell by Rs 165 to Rs 50,643 per 10 grams on Wednesday morning. It had opened at the level of 50,675 in the morning, but due to the selling of investors, the price of gold fell by 0.32 percent. The price of gold has been falling continuously for the last several sessions. The gold which reached close to 55 thousand last month is now trading around 50 thousand.
Silver also lost its luster
Along with gold on MCX, there was also a big fall in the futures price of silver. Silver slipped by Rs 331 to Rs 62,151 per 10 grams in morning trade. Earlier, silver opened openly at Rs 62,207, but investors took a cold stance here, which led to a fall of 0.53 per cent in the price. The price of silver has also been falling continuously for the last few sessions. Last month, silver, which was being sold around 72 thousand at one time, has now become cheaper by about 10 thousand rupees and has come to around 62 thousand.
What is the rate in the global market
Gold-silver price is also coming down in the global market. In the US market, the spot price of gold fell 0.21 percent to $ 1,864.76 an ounce. Silver also slipped 0.22 percent to $ 22.55 an ounce. Last month, in the global market also, the price of gold had crossed $ 2,000 an ounce, while silver was selling above $ 26 an ounce.
Hence the coming fall in prices
The International Monetary Fund (IMF) has forecast a slowdown in the growth rate of the global economy. The IMF said that in the current financial year, the global economy will grow at the rate of 3.6 percent instead of 3.8 percent. After this, there was a fall in the prices of Brent crude and the demand for the yellow metal also increased. The IMF also forecast an increase in inflation, which led to a fall in the price of precious metals, as its demand became sluggish.
