Gold Prices Tumble, Silver Surges by ₹12,000: Today's Rates Revealed
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Gold Silver Price Today: Profit-taking at high levels and reduced geopolitical tensions have caused gold and silver prices to fall significantly from their all-time highs.
Gold Silver Price Today: Gold and silver prices saw a significant drop on Monday. These metals experienced heavy profit-taking at higher levels. A reduction in geopolitical tensions and profit-booking fuelled this decline. On the last trading day of the previous week, Friday, gold futures on the MCX exchange were priced at ₹1,39,873 per 10 grams. By Monday, the first trading day of the current week, gold prices fell to ₹1,34,942 per 10 grams. Thus, prices dropped by approximately ₹5,000 in a single day.
In early trading on Tuesday, gold was seen trading on MCX at ₹1,35,541 per 10 grams, up 0.44 per cent or ₹599. However, compared to last Friday, the prices are down by ₹4,332.
Along with gold, silver prices also recorded a substantial fall on Monday. On the last trading day of the previous week, the price of silver closed at ₹2,39,787 per kilogram on MCX. By Monday, silver prices closed at ₹2,24,429 per kilogram. Thus, the price dropped by ₹15,358 in a single day. However, silver prices saw a recovery on Tuesday morning. In early trading, prices were seen trading at ₹2,33,800 per kilogram, an increase of ₹9,371. Nevertheless, prices are still down by ₹5,987 compared to Friday.
US President Donald Trump met with Ukrainian President Volodymyr Zelenskyy. Both discussed a peace plan to end the Russia-Ukraine war. This signals a reduction in geopolitical tensions. Consequently, gold weakened as a safe-haven asset, impacting prices. Additionally, profit-taking was observed in gold and silver at higher levels.
On COMEX, global gold prices were seen trading at $4,376.60 per ounce on Tuesday morning, up by $33. Gold Spot was trading at $4,363 per ounce, up 0.71 per cent or $30.93. Meanwhile, global silver prices on COMEX were trading at $74.07 per ounce, up 5.18 per cent or $3.61. Silver Spot was trading at $74.53 per ounce, up 3.33 per cent or $2.40.