Gold and Silver Prices Plummet Amid Geopolitical Tensions
Silver & gold lose sheen, prices may remain volatile
The Economic TimesImage: The Economic Times
Gold and silver prices fell sharply on the Multi Commodity Exchange (MCX) due to heightened geopolitical tensions following remarks from US President Donald Trump regarding Iran. Gold dropped 2.3% to ₹1,50,145 per 10 grams, while silver fell 5.6% to ₹2,29,888 per kg, with analysts predicting continued volatility in the market.
- 01Gold prices fell 2.3% to ₹1,50,145 per 10 grams.
- 02Silver prices dropped 5.6% to ₹2,29,888 per kg.
- 03Market volatility is expected to continue amid geopolitical tensions.
- 04Investors are advised to adopt a staggered investment strategy.
- 05Physical buying in India may increase due to current price corrections.
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On Thursday, gold and silver prices experienced significant declines on the Multi Commodity Exchange (MCX), with gold falling 2.3% to ₹1,50,145 per 10 grams and silver dropping 5.6% to ₹2,29,888 per kg. This downturn follows US President Donald Trump's comments on Iran, which have heightened geopolitical tensions and led to volatility in global markets. In the spot market, gold traded at ₹1.45 lakh per 10 grams without the 3% Goods and Services Tax (GST), while silver was at ₹2.2 lakh per kg. Analysts noted that the precious metals market has been influenced by concerns over inflation, a stronger dollar, and rising interest-rate expectations, with gold's trajectory hinging on whether inflation or growth fears dominate. Divya Mandaliya, a commodity research analyst, highlighted that March saw a nearly 12% drop in bullion prices, marking the worst monthly decline since the 2008 Global Financial Crisis. Despite the current volatility, Aksha Kamboj from the India Bullion & Jewellers Association stated that this correction could encourage opportunistic buying and that investors should consider staggered investments rather than lump-sum purchases.
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The decline in gold and silver prices may lead to cautious consumer behavior in the short term, but it could also encourage opportunistic buying at lower price levels.
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