Gold Falls Rs 1,724, Silver Slumps Rs 5,521 in Futures Trade
6 Articles
6 Articles
Silver crashes ₹8,590/kg to a 7-month low; gold hits 2-month low. What’s driving the selloff in precious metals
Silver fell ₹8,593 per kilogram to a seven-month low of ₹2,00,575 on MCX, while gold dropped to a two-month low. Rising Middle East tensions lifted oil prices and increased expectations of further US Federal Reserve rate hikes.
Silver Price Crash Today: Silver prices have fallen significantly. Silver prices fell not only in futures trading on Wednesday but also in the domestic market. On MCX, the precious metal is now more than ₹2.11 lakh per kg cheaper than its high.
On Thursday, the price of gold on the MCX fell by Rs 2,000 to Rs 1,44,196 per 10 grams, and silver fell by Rs 5,700 to Rs 2,03,520 per kilogram. The question is, will the decline in gold and silver prices continue?
Gold futures contracts on the Multi Commodity Exchange (MCX) witnessed heavy selling pressure today. As the price fell with an increase in open interest, a clear 'short buildup' situation has been created on the technical chart. The futures market is witnessing a soft trend as traders are creating new bearish positions in the futures market.
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