Gold and Silver Prices Tumble Sharply on MCX
· Business · Economic Times
Gold and silver prices fell sharply on Monday, prompting potential buyers to defer purchases for upcoming festivals and weddings in anticipation of further declines. Silver futures for September delivery dropped by ₹6,661 to ₹2,28,035 per kg on the MCX, while gold futures for October delivery slipped ₹3,214 to ₹1,47,667 per 10 grams. Industry experts note that customers typically hesitate during falling markets due to fears of additional price drops. The selloff was driven by a strengthening US dollar, higher US Treasury yields, and uncertainty surrounding the US-Iran conflict. Spot gold traded around $4,185 an ounce, down more than two percent.
Why it matters
The drop in precious metal prices has improved affordability, but retail jewellers face a prolonged dry spell as festive buyers stay on the sidelines waiting for prices to stabilise.
Read the original report — Economic Times
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