Silver and Gold Price News: On the second day of the Budget, the Indian commodity market has witnessed a major decline in gold and silver prices. Due to heavy selling by investors and the impact of the international market, the prices of precious metals have fallen from the sky.
Gap in gold prices
Gold prices have been witnessing a slowdown since this morning. According to the details received:
Prev. Close: Gold had previously closed at ₹1,47,753.00.
Today’s Open Price (Open): Gold started trading at ₹1,46,000.00 as soon as the market opened today.
Today’s Low Price (Low): Gold fell during the day and reached the level of ₹1,43,321.00.
Total Decline: So far, gold prices have decreased by ₹4,432.00 (-3.00%).
Silver prices see a big drop
Silver has seen a more aggressive decline than gold, which has increased concerns among retail investors:
Prev. Close: Silver had closed at ₹2,65,652.00 earlier.
Today’s Open: Silver opened at ₹2,67,501.00 today, but it could not sustain.
Today’s Low: Silver has reached the level of ₹2,49,713.00 due to continuous selling in the market.
Total Decline: Silver prices have seen a big drop of ₹15,939.00 (-6.00%) today.
Expert Analysis
Market experts believe that the pressure on precious metals has increased due to the change in import duty on gold and silver after the budget or the strengthening of the dollar in the global market. In particular, the 6 percent decline in silver indicates that profit booking is currently underway in the market. This could be an opportunity for investors who were waiting to buy at higher prices, but there is still a possibility of volatility in the market.
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