By Admin 
Gold & Silver Price: For the last one year, the prices of gold and silver were continuously increasing at a fast pace. Due to global uncertainties and geopolitical tensions, investors’ inclination towards safe investments increased, due to which there was a strong rise in these precious metals. However, on Friday, the last trading day of the week, a huge fall in the prices of gold and silver was recorded.
In the trading session just before the budget, profit booking was seen at high levels due to weak trend in global markets and strengthening of the US dollar, which had a direct impact on the futures market.
Why did the prices of gold and silver fall?
On Multi Commodity Exchange (MCX)—
- Silver for March delivery fell by Rs 12,169, or 3.04 percent, to Rs 3,87,724 per kg. During this period, about 8,710 lots were traded.
- A day earlier, on Thursday, silver had jumped almost 9 percent to reach a record level of Rs 4,20,048 per kg, although at the end of trading it closed at Rs 3,99,893 per kg.
At the same time, the price of gold for February delivery fell by Rs 2,162 or 1.28 percent to Rs 1,67,241 per 10 grams. A turnover of 3,965 lots was recorded in this. In the last session, gold had also reached a new record level of Rs 1,80,779 per 10 grams with a rise of about 9 percent.
What do experts say?
Commodity analyst Manav Modi of Motilal Oswal Financial Services Limited says that after reaching record high, there has been a decline in the prices of gold and silver due to the strengthening of the US dollar.
At the same time, the World Gold Council (WGC) says that due to record prices, gold imports in India may decrease this year, because high prices are putting pressure on the demand for jewellery. India is the second largest gold consumer country in the world.
condition of global markets
On COMEX, gold for April delivery fell $ 118.06, or 2.2 percent, to $ 5,236.74 an ounce. At the same time, the silver futures price fell by $ 4.17 or about 4 percent to $ 110.26 an ounce. Reneesha Chainani, Research Chief, Augmont, says that gold rising above $ 5,600 (Rs 1,80,000 per 10 grams) and silver rising above Rs 4,00,000 per kg reflect the result of increasing macro and geopolitical tensions rather than short-term speculation.
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