Sharp declines were recorded in gold and silver prices on the Multi Commodity Exchange. At 7:30 PM on Wednesday, gold traded at 1,61,600 rupees per 10 grams, down 1,703 rupees. Silver prices fell by about 12,000 rupees to 2,66,190 rupees.
Despite rising crude oil prices and a global energy crisis amid the Iran-Israel-US war in the Middle East, gold and silver prices in India saw a significant drop on Wednesday. This decline on the Multi Commodity Exchange followed a surge on Tuesday.
Gold traded at 1,61,600 rupees per 10 grams, 32,000 rupees below its record high of 1.93 lakh rupees. Silver reached 2,66,190 rupees, 1.55 lakh rupees under its peak of 4.20 lakh rupees. In international markets, gold ranged between 5,045 and 5,277 dollars per ounce, while silver stayed between 81 and 88 dollars per ounce.
According to reports, the fall stems from profit booking after recent gains, a stronger US dollar, US inflation data reducing expectations of quick Federal Reserve rate cuts, and higher trading margins on silver futures. High interest rates are drawing investors to bonds, pressuring precious metals. Volatility persists in commodity markets due to Middle East tensions, with experts advising caution for investors.
