Gold and Silver Prices Plummet as Profit-Taking and Easing Geopolitical Tensions Hit the Market

Gold Silver Price Today: Profit-taking from high levels, reduced geopolitical tensions, and a stronger dollar are causing a significant drop in gold and silver prices today.

Gold and Silver Prices Today: Gold and silver prices are experiencing a significant decline today, Thursday. Both precious metals traded at considerably lower prices in the domestic futures market. In early trading, the price of gold on the MCX exchange was trading at Rs 1,49,685 per 10 grams, a substantial drop of 2.08 per cent or Rs 3,177.

Significant Decline in Silver

Silver prices are also experiencing a sharp fall today, Thursday. In the domestic futures market, silver dropped by over Rs 12,000 in a short span. On Thursday morning, the price of silver on the MCX exchange was trading at Rs 3,05,753 per kilogram, a significant decline of 4 per cent or Rs 12,739.

Why the Downturn in Gold and Silver Prices?

The decline in gold and silver prices today is attributed to profit-taking from higher levels amid signs of easing geopolitical tensions and a strengthening dollar. Donald Trump has softened his stance on Greenland. This has led to a fall in gold prices in the international market. On Wednesday, Trump backed down from his threat to impose tariffs on European countries over the Greenland dispute. Trump stated that he had outlined an agreement with NATO regarding the island's future.

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Global Gold Price

Global gold prices are witnessing a significant decline this Thursday morning. On COMEX, the global price of gold was trading at $4,797 per ounce, down 0.82 per cent or $39.60. Meanwhile, Gold Spot was trading at $4,795.56 per ounce, down 0.75 per cent or $36.17.

Global Silver Price

In contrast to gold, global silver prices are showing an upward trend. On COMEX, the global price of silver was trading at $93.18 per ounce, up 0.59 per cent or $0.54. Meanwhile, Silver Spot was trading at $93.28 per ounce, up 0.25 per cent or $0.23.