“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 significant downturn 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% during trading.
In parallel, the MCX silver price for May futures contracts opened 4% lower at ₹2,17,702 per kg. The silver market faced a crash, with prices dropping as much as 11.31% to ₹2,01,111 per kg, down by ₹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 price also reflected this downward trend, falling 2.5% to $4,372.86 per ounce. This follows a week where gold prices crashed more than 10%, indicating a volatile market.
Ajay Kedia remarked, “The overall trend for gold prices remains negative, and investors can sell on rise from these levels,” suggesting a cautious approach for traders in the current environment.
The backdrop of these market movements includes escalating tensions from the US-Iran war, which has intensified inflation concerns as crude oil prices remain elevated.
With the current trajectory, investors are closely monitoring the situation, looking for signs of stabilization or further declines in gold and silver prices.
Details remain unconfirmed regarding potential market interventions or policy changes that could affect these commodities in the near future.
