Gold prices continue to decline for the second consecutive day, and silver has also become cheaper. Prices have dropped in both local and international markets. On the country’s futures market, the Multi Commodity Exchange (MCX), gold prices have been sluggish for the second day in a row. Although prices are still above ₹72,000 per 10 grams, there has been a significant drop in silver prices, with a decline of over ₹300.
In the international markets, particularly on New York’s COMEX market, both gold and silver are showing a sluggish trend. The dollar index has seen a slight improvement but is still below the 101 level, at its lowest point in a year. Investors are awaiting the Federal Reserve meeting in September, where interest rate cuts are anticipated. This could lead to a rise in gold prices afterward. Let’s take a look at how much gold prices have fallen from New York to New Delhi.
Gold Price Decline
For the second consecutive day, gold prices in the domestic futures market have seen a decline. As of 9:30 AM, gold on the MCX was trading at ₹72,039 per 10 grams, down by approximately ₹83. During the trading session, gold prices had even reached a day’s low of ₹71,980. The opening price was around the same level. A day earlier, gold prices had touched ₹72,122. Experts suggest that gold prices might rise after the Federal Reserve meeting.
Silver Drops by Over ₹300
Silver prices have also witnessed a significant drop. As of 9:30 AM, silver was trading at ₹85,349 per kilogram on the MCX, down by ₹309. During the session, prices fell to a day’s low of ₹85,301. Silver opened at ₹85,373 in the morning. The previous day, silver closed at ₹85,658 per kilogram.
Gold and Silver Sluggish in International Markets
In the international markets, particularly on New York’s COMEX market, gold and silver prices are sluggish. Gold futures are down by $2.30 per ounce, trading at $2,550.60 per ounce. Meanwhile, gold spot prices are down by $8.38, trading at $2,516.26 per ounce. Silver futures are down by 0.45%, trading at $30.29 per ounce, while silver spot prices are down by 0.34%, trading at $29.87 per ounce.
