“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, highlighting the alarming trend in precious metals.
As of 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%.
In parallel, the MCX silver price for May futures contracts opened 4% lower at ₹2,17,702 per kg. The silver market also faced a crash, with prices plummeting as much as 11.31% to ₹2,01,111 per kg, down ₹25,661.
At 11:15 AM, the MCX gold price was trading lower by ₹10,896, or 7.54%, at ₹1,33,596 per 10 grams. Similarly, the MCX silver price was trading lower by ₹24,117, or 10.63%, at ₹2,02,655 per kg.
Spot gold prices have also taken a hit, falling 2.5% to $4,372.86 per ounce. This follows a dramatic crash of more than 10% in gold prices last week, raising alarms among investors.
“The overall trend for gold prices remains negative, and investors can sell on rise from these levels,” advised Ajay Kedia, emphasizing the cautious sentiment in the market.
The backdrop of these declines is the escalating US-Iran war, which has intensified inflation concerns as crude oil prices remain elevated, further destabilizing the market.
As the situation develops, market analysts are closely monitoring these trends, with expectations of continued volatility in the precious metals sector.
Details remain unconfirmed regarding potential recovery strategies from this downturn, leaving investors anxious about the future of gold and silver prices.
