“MCX gold price has fallen 15% in March so far, while MCX silver rate has dropped 25% so far in this month,” stated Jigar Trivedi, a market analyst. This stark observation underscores the dramatic shifts occurring in the precious metals market today.
The MCX gold rate opened at ₹1,40,158 per 10 grams, but it quickly spiraled downwards, hitting a low of ₹1,33,352. This represents a staggering decline of ₹11,140, or 7.70%, reflecting the growing unease among investors.
In tandem, the MCX silver price for May futures contracts opened 4% lower at ₹2,17,702 per kg, only to crash further, plummeting as much as 11.31% to ₹2,01,111 per kg. Such drastic movements in silver prices mirror the volatility seen in gold.
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, while the MCX silver price was down by ₹24,117, or 10.63%, at ₹2,02,655 per kg. These figures highlight a broader trend of declining values in precious metals.
Spot gold prices also reflect this downward trajectory, falling 2.5% to $4,372.86 per ounce. Last week alone, gold prices crashed more than 10%, signaling a tumultuous period for investors.
The backdrop of this market turmoil is the escalating US-Iran war, which has intensified inflation concerns as crude oil prices remain elevated. This geopolitical tension has undoubtedly contributed to the uncertainty in the commodities market.
Ajay Kedia, another market expert, commented, “The overall trend for gold prices remains negative, and investors can sell on rise from these levels.” This sentiment resonates with many traders who are closely monitoring the market for signs of recovery.
As the day progresses, investors are left grappling with the implications of these significant price drops. The atmosphere is charged with uncertainty, and many are questioning how long this downward trend will continue.
Details remain unconfirmed, but the prevailing sentiment suggests that further fluctuations in gold and silver prices may be on the horizon as the market reacts to ongoing global events.
