Editor’s Note
This article reports on the latest price movements for gold and silver, noting significant declines in the Indian market. Readers are advised that precious metal prices are subject to ongoing volatility.
Fluctuations continue in gold and silver prices. Silver became cheaper by up to 7200 rupees, while a decline of 2000 rupees was seen in the price of gold. Let’s know today’s update.
A decline was seen in gold and silver prices on Tuesday. Silver became cheaper by 7230 rupees, reaching 2.34 lakh per kg. Meanwhile, the price of gold fell by 2000 rupees, reaching 1.53 lakh per 10 grams.
At 9 AM, the price of gold fell by 1230 rupees to 1.54 lakh per 10 grams. Meanwhile, silver’s price saw a decline of 4830 rupees. It reached 2.36 lakh per kg.
In early trading, on MCX, the price of silver fell by 4,131 rupees to 2.40 lakh per kg. Meanwhile, the price of gold fell by 1145 rupees to 1.54 lakh per 10 grams.
A decline was recorded in gold and silver prices for the second consecutive session. During Asian trading hours, spot gold slipped 0.43% to below $4,992 per ounce, while spot silver, with a sharp decline of about 3%, reached $74.24 per ounce.
A mixed impact of US economic data is being seen on gold and silver prices. In January, consumer inflation in the US was lower than expected, while on the other hand, job growth remained stronger than estimates. These signals have balanced market expectations regarding the Federal Reserve’s interest rates.
Now investors’ focus is on the Fed meeting minutes, Q4 GDP data, and the Fed’s preferred Core PCE Price Index, which could indicate the direction of future monetary policy.
On the geopolitical front, a statement by an Iranian diplomat has also affected market sentiment, expressing a desire for a nuclear deal with the US that provides economic benefits. Also, US markets were closed due to Presidents’ Day, while many markets in China and Asia were closed due to Lunar New Year holidays, which kept trading volume limited and led to price fluctuations.