Silver became cheaper by Rs 2,800 in one stroke today, gold also fell, know the latest rate and what next?

A big drop was recorded in the price of gold and silver today. The market is in a panic due to a big drop in the price of both precious metals during the festive season. According to bullion market traders, gold declined for the second consecutive day on Wednesday in the bullion market of the national capital amid weak domestic demand. Gold fell by Rs 600 to Rs 77,700 per 10 grams. On Tuesday, gold closed at Rs 78,300 per 10 grams. According to the All India Sarafa Association, the price of silver also fell by Rs 2,800 to Rs 91,200 per kg, which closed at Rs 94,000 per kg a day earlier. According to jewelers, due to global tension, the price of gold and silver has risen to a record high. This is affecting the demand. There is every possibility of a decline in the price of gold and silver if the situation improves in the coming time. 

Gold prices fall due to sluggish demand. 

Meanwhile, gold of 99.5 percent purity fell by Rs 600 to Rs 77,300 per 10 grams. Bullion traders said sluggish domestic demand caused the fall in gold prices. In futures trading on the Multi Commodity Exchange (MCX), the price of gold contract for December delivery rose by Rs 29 to Rs 75,190 per 10 grams. The price of silver contract for December delivery also rose by Rs 754 to Rs 89,483 per kg on the exchange. 

Comex futures fell 0.03 percent.

Comex futures fell 0.03 percent to $2,634.50 an ounce in Asian trading hours. Saumil Gandhi, Senior Commodity Analyst at HDFC Securities, said, “Gold prices continued to decline on Wednesday as the safe-haven premium declined and chances of further rate cuts by the US Federal Reserve diminished.” However, silver rose 0.75 percent to $30.83 an ounce in the international markets.