Gold and Silver See Sharp Fall — Why Are Prices Crashing Amid War?

Gold Silver Price Today: Gold and silver prices have seen a significant decline this month. Heavy profit-taking was observed in both global and domestic markets, leading to a fall in prices.

Gold Price Outlook: Gold and silver prices have seen a significant decline in the past few days. The question now is, why isn't gold rising when there's a war-like atmosphere globally, stock markets are crashing, crude oil prices are soaring, supply chains are disrupted, inflation is rising, and dark clouds loom over the global economy? This is because whenever there is instability in the world, investors buy gold as a safe investment, which drives up its price. However, this time gold is behaving rather unusually.

In fact, the sharp decline in equity markets has devastated investors. They have suffered substantial losses in the market. Now, they are looking to recover these losses. To do this, they are booking profits in gold and addressing liquidity concerns. This is the reason behind the fall in gold prices.

Gold Drops by ₹12,000 in 12 Days

On March 2, the futures price of gold on the MCX exchange reached ₹1,69,880 per 10 grams during the trading session. Subsequently, on Friday, March 13, the last trading day of the week, the price of gold fell to a low of ₹1,57,540 per 10 grams during the trading session. Thus, gold has seen a decline of ₹12,340 per 10 grams in the last 12 days.

Silver Falls by ₹43,000

Silver has also witnessed a significant decline in recent days. On March 2, the futures price of silver on the MCX exchange had reached a high of ₹2,97,799 per kilogram during the trading session. On Friday, March 13, the last trading day of the week, the price of silver was ₹2,54,474 per kilogram during the trading session. Thus, in the last 12 days, the price of silver has fallen by ₹43,325 per kilogram.

Prices Also Fell on Friday

Global prices of gold and silver registered a significant fall on Friday. On COMEX, gold closed down 1.25 percent or $64.10 to $5,061.70 per ounce. Gold spot closed down 1.18 percent or $59.72 to $5,019.49 per ounce. Meanwhile, silver on COMEX closed down 4.44 percent or $3.77 to $81.34 per ounce. Silver spot closed down 3.88 percent or $3.25 to $80.59 per ounce.