“MCX gold price has fallen 15% in March so far, while MCX silver rate has dropped 25% so far in this month,” said Jigar Trivedi, highlighting the steep decline in precious metal prices.
Today, the MCX gold rate opened 3% lower at ₹1,40,158 per 10 grams. The situation worsened as the price hit a low of ₹1,33,352, slipping as much as ₹11,140, or 7.70%.
Silver also took a hit, with the MCX silver price for May futures contracts opening 4% lower at ₹2,17,702 per kg. It crashed further, dropping 11.31% to ₹2,01,111 per kg, down ₹25,661.
As of 11:15 AM, the MCX gold price was trading lower by ₹10,896, or 7.54%, at ₹1,33,596 per 10 grams. Meanwhile, the MCX silver price was down by ₹24,117, or 10.63%, at ₹2,02,655 per kg.
Spot gold prices also fell, dropping 2.5% to $4,372.86 per ounce. This follows a shocking trend where gold prices crashed more than 10% last week.
The overall trend for gold prices remains negative, according to Ajay Kedia, who advises investors to consider selling on any rise from these levels.
This dramatic decline in gold and silver prices comes amid escalating concerns over inflation, exacerbated by the ongoing US-Iran conflict and rising crude oil prices.
Market analysts are closely monitoring the situation, as the volatility in precious metals reflects broader economic uncertainties.
Details remain unconfirmed, but investors are urged to stay informed as conditions evolve.
